With all eyes on Jackson Hole,
Federal Reserve Chair Jerome Powell is set to announce a key policy U-turn.
Plus, why the Trump administration is keen to take equity in some chip makers.
And in our Price of Parenting series, we look at the hidden costs of raising children.
There are these ways that having a kid makes you change almost like the basic infrastructure of your life and buy things that aren't exactly diapers,
but they're certainly kid-related.
It's Friday, August the 22nd.
I'm Azhar Sukri for The Wall Street Journal.
Here is the AM edition of What's News,
the top headlines and business stories moving your world today.
With the central banking world's most closely watched annual address due this morning in Jackson Hole,
Federal Reserve Chair Jerome Powell is expected to detail a significant policy U-turn.
The speech offers him a high-profile opportunity to explain the conclusions of a months-long review that abandons some key innovations about how the central bank approaches employment and inflation,
while rebutting charges that those changes contributed to the worst inflation since.
in four decades.
Journal deputy finance editor Quentin Webb is here with more.
Quentin, economists have criticised the Fed for making this shift back in 2020,
right as the pandemic struck, kicking off that big spurt in inflation that we saw.
Is this U-turn a response to that criticism?
In some senses, yes, but the Fed is obliged every five years to conduct a review of its framework.