Markets did not enjoy Wednesday's day at the Federal Reserve. But amid the relative doom and gloom about inflation was a fairly upbeat Jerome Powell who waved away stagflation concerns that have been emerging amid the oil shock and growth worries. "You know, when we use the term stagflation, I always have to point out that was a 1970s term," Powell mused. Back then, he added, "unemployment was in double figures, and inflation was really high, and the misery index was super high." It was a clear message: We may be having challenges, but they're not those challenges. In fact, US central bankers envision improved ... (full story)