The Fed has mostly missed its 2% inflation target since it adopted that goal in 2012.
Powell also noted in his remarks that demand for accountability and transparency are higher after the financial crisis. The Fed chairman has been persistently attacked by Trump for his policies.
“Our audience has become more varied, more attuned to our actions, and less trusting of public institutions,” Powell said. “Central banks must speak to Main Street, as well as Wall Street, in ways we have not in the past, and Main Street is listening and engaged.”
Bloomberg News.