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''But although most reports of Powell’s speech focused on inflation, it is arguably the implications for the job market which are the most profound.''

Alan Mudie, Head of Investment Strategy
Societe Generale Private Banking, Weekly Update - Maximum employment - the Fed's new objective, 4 September 2020

"The Fed has subtly shifted its main focus away from inflation and in favour of employment. Indeed, Powell noted in his speech that the “robust job market was delivering life-changing gains…, particularly at the lower end of the income spectrum” and made maximum employment a “broad-based and inclusive goal”. Looking ahead, unemployment can be too high but never too low in the Fed’s eyes."