Powell yesterday:"it took sort of 8th and 9th and 10th years of that expansion to get to those benefits so we need more than that. That's not a good strategy-- waiting 8, 9, 10 years to get there. So, we're going to get back there as fast as we can because that's what we can do."

This is a good statement. Powell is all over the importance of tight labor markets. What I worry about -- how is this new emphasis going to be translated into framework? What tools/policies will change because of the lessons Powell says the Fed has learned re tight labor market?

After all these nice statements re labor market, if all we get is some sort of average inflation target that's a disappointment tbh

The Fed is super defensive so I do like that Powell says their estimates of full employment were way off and that the labor market recovery was not good enough. But we need to see that translated into framework. Not good enough to just have Chair say the right thing.