Fed chief Powell misled analysts

Fed chairman Jerome Powell used language that differed from his statements at many of his meetings this year and remained calm in Jackson Hole. Analysts generally expected Powell to give a "hawk" speech.
Powell stated that they will not deviate from their 2 percent target, but they have now entered a period where they have to be very careful.
Stating that applying both more and less restrictive policies can harm the economy, Powell said:
“I gave text messages at the Jackson Hole convention last year. I will speak in a similar way. Our task is to reduce inflation. We can carefully raise interest rates until inflation falls to a reassuring level. The strong job market is an indicator for the Fed to continue its actions. We are prepared to continue raising interest rates as long as necessary. As the Fed, we are aware that monetary policy carries bilateral risks. We have entered a process where we have to be very careful. Our inflation target will remain at 2%. We plan to reach this level over time. Of course it won't be easy"
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