Federal Reserve Chair Jerome Powell spoke Thursday at the annual Jackson Hole conference convened by the Kansas City Fed, which was virtual this year due to COVID-19. 

In the highly anticipated speech, Powell laid out a number of key changes to how the Fed approaches unemployment and inflation. 

In this recap, NLW looks at how people reacted to the speech. On the one hand, there is disagreement between those who anticipate out of control inflation and those who think the Fed’s track record on achieving even modest inflation is abysmal. On the other, almost everyone seems to think the Fed appears run down, out of tools and increasingly looking to support from Congress.