The Fed’s new vernacular: “bottlenecks, transitory and some time.” Last night on 60 Minutes, the Fed Chairman stated that the economy is at an inflection point. Rooted in the Fed’s framework change from August of 2020 is a move from proactive to reactive and now practically from outlook to outcomes. This wasn’t an issue for the latter half of 2020. But, some $3 trillion in fiscal aid later, over 20% of the American population vaccinated, and job growth accelerating, the Fed’s task of threading the needle will likely become more challenging in the months ahead.