Federal Reserve Chairman Jerome Powell on Aug. 27 gave stock investors the green light to throw more money at the market.

In a virtual speech to the annual Jackson Hole monetary policy conclave, Powell declared that the central bank would allow inflation to rise above 2% if that followed a period of persistently low inflation, essentially abandoning its longtime target.

Powell only codified what the Fed has been doing since COVID-19 sent the U.S. economy into the deepest recession since the Great Depression: Cutting interest rates to zero and engaging in trillions of dollars’ worth of securities purchases to shore up shaky markets, and stimulate the economy and job creation.

That speech and continued hopes for a vaccine and an economic recovery pushed the

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