Jerome Powell is in it to win it despite bond-market inflation fear

Fed chair makes clear FOMC will only react to actual data

Jerome Powell has a goal that is bigger than the bond market’s near term inflation concern.

In perhaps his most forthright press conference since taking the helm of the central bank three years ago, the Federal Reserve chair this week laid out three critical messages for investors who have been prope­lling bond yields higher on the bet inflation would eventually force his Fed to tighten monetary policy faster than it’s been indicating.

Powell’s messages? He’s not unduly concerned by rising yields, control of monetary policy communications resides with him and he’s willing to run the economy hot to help it recover from