Although dedicated Fed watchers long saw it coming, the big news from Jackson Hole is that the Fed now has a new monetary policy strategy - the crowning achievement of the much-ballyhooed review of its "Strategy, Tools, and Communications" it launched in early 2019. It's called "average inflation targeting," and chances are that if you're reading this, you're wondering (1) what the heck it means and (2) what, if any, difference it will make.
Don't feel bad. More than a few seasoned monetary economists have been asking themselves the same questions, myself included. Having come