Why Jerome Powell pivoted on inflation

A surge in wages and benefits got his attention. Other data soon confirmed his concern

Inflation has been building for months. But it was over 13 days this fall that Jerome Powell, the Federal Reserve chair, decided the central bank needed to get more serious about trying to choke it off.

The story of the latest Powell pivot — the abrupt move toward tighter monetary policy announced on Wednesday — shows a great deal about the decision-making approach of the man US President Joe Biden has nominated for a second term as the nation’s top central banker.

In short: He may stick to his chosen policy path in the face of public pressure as long as evidence