The Federal Reserve will roll out an aggressive new strategy that aims to boost employment and let inflation rise higher for longer than in the past.
The US central bank says it will roll out an aggressive new strategy that aims to boost employment and let inflation rise higher for longer than in the past.
Mr Powell laid out an update to the Fed's policy, that would seek to achieve inflation averaging 2 per cent over time, so that periods of lower inflation would likely be followed by an effort to lift inflation "moderately above 2 per cent for some time", before the Fed would raise interest rates. The Fed's new monetary policy strategy was unveiled at the start of an annual central banking conference, held virtually this year due to the coronavirus pandemic.
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