Fed's Powell Calls Current Inflation 'Unique in History'

The video discusses the decision-making process of staff in forecasting and making judgments about economic conditions. It explains the tools of monetary policy, such as raising interest rates, to control inflation. The video also covers the concept of accommodative policy and its implications, and highlights the unique challenges in understanding current inflation due to unprecedented economic conditions.

What is the significance of the $20 trillion economy mentioned in the text?

What does the speaker mean by being 'humble about what we understand'?