The Federal Reserve has adopted a new strategy for monetary policy that will be more tolerant of temporary increases in inflation, cementing expectations that the US central bank will keep interest rates at ultra-low levels for years to come.
Jay Powell, the Fed chair, announced the shift as he addressed the Jackson Hole monetary policy symposium, which began in virtual format on Thursday.
“Because the economy is always evolving, the FOMC’s strategy for achieving its goals — our policy framework — must adapt to meet the new challenges that arise,” Mr Powell said.
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