Speaking at the Kansas City Fed's (virtual) Jackson Hole gathering, Jay Powell updates on the completion of the central bank's "framework review" of policies and practices.The Fed, says Powell, will seek to achieve an inflation rate that "averages" 2% over time. Maximum employment will be a "broad-based and inclusive goal."Powell: "Many find it counterintuitive that the Fed would want to push up inflation. However, inflation that is persistently too low can pose serious risks to the economy."The Cliff's Notes: Not particularly interested in heading into negative interest rate territory, the Fed is attempting to ease policy by signaling its willingness to allow inflation to rise above its 2% target. Alongside, will be a shying away from NAIRU, i.e. the concept that there's some level of unemployment, below which inflation begins to become a big worry.To see the significance, consider that the Fed began a rate hike cycle in December 2015,
