Powell speech: Fed not tying itself to any particular method to define average inflation

Jerome Powell, Chairman of the Federal Reserve System, is delivering his remarks at the virtual Jackson Hole Economic Policy Symposium titled "Navigating the Decade Ahead: Implications for Monetary Policy."

Key quotes

"Fed not tying itself to any particular method to define average inflation, policy will not be dictated by any formula."

"Fed will not hesitate to act if inflation rises above levels consistent with our goal."

"Committee judges that longer-term inflation expectations that are well-anchored at 2% enhance the Committee’s ability to promote maximum employment."

"Committee intends to undertake a thorough review of monetary policy strategy roughly every five years."

About Jerome Powell (via Federalreserve.gov)

Jerome H. Powell took office as Chairman of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. He was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028.