Speaking last month in Jackson Hole, Jay Powell was explicit about what he considered the Federal Reserve’s mission as the US economy emerged from a gruelling inflation shock. “We will do everything we can to support a strong labour market as we make further progress towards price stability,

The Fed chairman is set to begin lowering interest rates this week, perhaps by half a percentage point, as inflation fears fade.

The Federal Reserve’s decision on Wednesday to slash interest rates by half a percentage point quickly became a source of humor on social media.