Fed Chairman Powell is Vowing to Wreck the Currency

by Stefan Gleason

As the Federal Reserve embarks on a new campaign to raise inflation rates, markets may be in for a change in character.

On Wednesday, Fed Chairman Jerome Powell announced that the central bank would be targeting an inflation “average” of 2%. By the Fed’s measures, inflation has been running below 2% in recent years. So, getting to a 2% average in the years ahead will require above 2% inflation for a significant period.

Here’s Powell attempting to explain himself from central bankers’ virtual Jackson Hole conference:

Jerome Powell: Our statement emphasizes that our actions to achieve both sides of our dual mandate will be most effective if longer term inflation expectations remain well anchored at 2%.

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