Ellen Hazen, chief market strategist at F.L. PUTNAM Investment Management, said the key issue is that many of the announced policies are likely to lead to inflation, according to online reports. The question Powell faces at the press conference will be whether to start focusing on policy rather than data so they don't fall behind the curve, especially given the problems of neglecting fiscal policy in 2021-2022 that could cause inflation to be unexpectedly high before they had to step in. If they had responded to fiscal policy then, inflation would not have been so high. So this is a big problem.