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It seemed like a good idea at the time.
When Federal Reserve Chairman Jerome Powell rolled out a new modus operandi for running monetary policy at the elite Jackson Hole economic symposium a year ago, the economy was just coming out of a pandemic-driven nosedive. That was after a decade of disappointingly slow growth, with inflation stubbornly below target.
Megaphone.fm: Paging Jerome Powell by The Big Take
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Powell and his colleagues opted for a radical new strategic framework that ...