Powell announces new Fed approach to inflation that could keep rates lower for longer (CNBC)

• Fed Chairman Jerome Powell announced a major policy shift Thursday to “average inflation targeting.”
• That means the central bank will be more inclined to allow inflation to run higher than the standard 2% target before hiking interest rates.
• In addition to the inflation change, the Fed changed its approach to employment in a way that will focus on those at the lower end of the income spectrum.

https://www.cnbc.com/2020/08/27/powell-announces-new-fed-approach-to-inflation-that-could-keep-rates-lower-for-longer.html