Jay Powell, the chair of the US Federal Reserve, made a keynote speech at the annual summer symposium of central bankers in Jackson Hole, Wyoming, USA. This was closely watched by financial investors and economists to see if Powell was going to support the strategy of a ‘Fed pivot’ on interest-rate policy. The pivot is supposed to be a softening on the current aggressive hiking of the Fed’s policy rate. The pivot would keep interest rates from rising too much and thus sustain the stock market and the economy. ... But that made no difference to Powell. His speech made it clear that there would be no ‘Fed pivot’. Powell reckoned that inflation was still too high and so the Fed’s tightening cycle was far from done.