The Fed met this week. And to summarize, it doubled down on its commitment to keep rates low deep into the economic recovery and will maintain asset purchases at least at their current level. Not surprisingly, coveted details on its new average inflation targeting regime were few and far between.

But even when nothing new is really said during an FOMC conference, the reporters covering the Fed usually put on a decent show. And if I had to give them a grade on their questions during Wednesday’s press conference it would have to be an “A”.

Reporters pressed the Fed for more information on several of the more opaque points of its new policy regime. Questions included what letting inflation run “moderately” above 2% means, what time frame the Fed is referring to when is says average inflation “over time” and perhaps most importantly, just how committed the Fed is to achieving inflation that actually averages 2%.

As expected, most questions were met with a non-response from Chair Powell, and in some cases, a comical non-response. For instance, when pressed about what letting inflation run “moderately” above 2% means, Chair Powell did indeed use the word “moderate” several times in his response.

Perhaps the most important takeaway from the meeting wer...

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