In a speech entitled - New Economic Challenges and the Fed's Monetary Policy Review - given on August 27, at the Jackson Hole, Kansas City Federal Reserve Economic Policy Symposium, Federal Reserve Chairman, Jerome Powell announced a change in the emphasis of the dual mandate. The new focus is on promoting full employment even at the expense of price stability.
The policy review was, of course, more nuanced. Past policy decisions were analysed and found wanting - especially the rate increases witnessed between 2015 and 2018. The extraordinary flatness of the Phillips Curve was noted;