Powell, who will speak Thursday during a virtual version of the Fed's annual Jackson Hole, Wyoming conference, will outline what could be the central bank's most active efforts ever to spur inflation back to a healthy level.
, down from the 14.7% peak in April but well above the 3.5% pre-pandemic level in February.
To fulfill both pledges, the Fed will need to commit to keeping rates anchored near zero until the goals are met. Where the move to what it calls the "zero lower bound" had been previously considered unusual, it now will become standard practice at least until the Fed meets its mandate. "Considering what the market's doing, and as each day goes by that we are getting closer to an effective vaccine and effective therapeutic, the Fed should be focusing more on taking steps back from what they've done rather than continuing with the pedal to the metal," said Peter Boockvar, chief investment officer at Bleakley Advisory Group.
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