Jerome Powell’s pivot toward a quicker withdrawal of stimulus paves the way for a more agile Federal Reserve in 2022, one that’s willing to raise interest rates faster than expected if inflation lingers or hold back if the pandemic worsens. Powell, recently picked for another four years as chair, is responding to hot readings on the economy that caught officials by surprise, including signs that inflation is spreading and labor supply is still limited despite falling unemployment. Investors can expect stepped-up Fed communication of an evolving outlook for employment and inflation that stresses flexibility amid ... (full story)