(RTTNews) - In a highly anticipated speech on Thursday, Federal Reserve Chair Jerome Powell announced a widely expected shift with regard to the price-stability side of the central bank's dual mandate. Powell revealed in a live-streamed speech to the Jackson Hole economic symposium that the Fed will change its approach to a "flexible form of average inflation targeting." Powell stressed the Fed's monetary policy decisions will not be dictated by any formula and said the central bank will not hesitate to act if excessive inflationary pressures were to build.