Jay Powell is pursuing one of the highest-risk policy experiments in economic history

Powell is betting that economic growth will come roaring back later this year as the economy reopens, but that inflation, after a brief overshoot of target, will fall obediently back to about 2 per cent and stay there. 

Thus, there is no need to lift rates this year, or next, or the year after. 

FT 29 March 2021


https://www.ft.com/content/835efc35-3688-4795-ada1-ecb566a3aa9d


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