In his Jackson Hole speech in August 2023 Chair Powell said, “ We are navigating by the stars under cloudy skies ". During Chair Powell’s press conference after the September 17 FOMC meeting he said, “ Right now is a particularly challenging time, even more uncertain than usual.” As Chair Powell explained the tension between the Federal Reserve’s mandates of stable prices and maximum employment requires an open mind. “ We have to keep our eye on inflation. At the same time, we cannot ignore and must keep our eye on maximum employment. Ordinarily when the labor market is weak, inflation is...
