WASHINGTON: The US central bank has shifted policy and now will let inflation rise to allow the economy to produce more jobs for the benefit of all workers, but especially lower income families, Federal Reserve Chair Jerome Powell said on Thursday .
"This change reflects our appreciation for the benefits of a strong labour market, particularly for many in low- and moderate-income communities," he said, adding that the Fed is prepared to use"our full range of tools to support the economy". The policy shift, though telegraphed in recent statements, is a significant change for the Fed and central banking more generally, as inflation for decades has been the economic villain to be stamped out at every turn.But Powell, in his speech to the annual Jackson Hole monetary policy conference, said the past 10 years since the 2008 global financial crisis has shown that warnings about low unemployment causing price hikes were exaggerated.
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