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John Authers

Powell's Three-Wheeler Doesn't Need a Speed Limit

This economy can’t run hot enough to generate inflation of more than 2%.

You won’t get much inflation out of this.

You won’t get much inflation out of this.

Photographer: Christopher Furlong/Getty Images

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Jerome Powell has unveiled a new long-run strategy for the Federal Reserve, the world’s largest central bank. His announcement, which will lead to targeting an average rate of inflation over time and is hence more permissive than the current strategy, was largely expected but is still a very big deal. It made me think of Reliant Robins.