Tarullo on Powell's Speech in Jackson Hole

The transcript discusses Powell's speech focusing on the Fed's credibility and its approach to inflation. It highlights the Fed's restrictive policy stance, the impact on the labor market, and the debate over the 2% inflation target. The decision-making process within the Fed and the role of inflation expectations and government actions are also explored.

What challenges does the Fed face in achieving its inflation target according to the discussion?

What does the speaker suggest about the future of the Fed's framework in light of current economic conditions?

How does the speaker characterize the consensus among Fed speakers regarding monetary policy?

What was the speaker's opinion on the government's role in fighting inflation?