As policy makers prepare for another Jackson Hole conference — the second straight one Powell will address virtually rather than traveling to Wyoming — the economic picture looks much different. The big fear? The Fed will be slow to rein in inflation, paving the way for a sustained take-off in prices, along with a housing bubble that policy makers will eventually have to deal with by jacking up interest rates and derailing the recovery. Bloomberg's Laura Carlson reads "Jerome Powell’s Policy Revolution Was Blindsided by Covid-19."

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