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Data: Axios analysis of Powell's speeches and interviews; Graphic: Andrew Witherspoon/Axios

Fed chairman Jerome Powell has spoken a lot about the risk of inflation overshooting its 2% target, but only recently has he discussed the risk of a persistent undershoot.

Why it matters: This "reinforces a generational change in Fed thinking from fear-of- inflation-too-high to fear-of-inflation-too-low," as Tony Dwyer, chief market strategist at Canaccord Genuity, said in a tweet.

Between the lines: Under usual circumstances, the Fed's two mandates work against each other: Maximizing employment usually is cover for the Fed to cut rates, while the price stability mandate has been used to justify rate hikes.

  • Over the last several years, the Fed has been raising rates despite inflation falling below target. Yellen made the case that the Fed could raise rates "more slowly," should weak inflation persist.
  • It's not that the Fed couldn't have made the case for a cut based on soft inflation readings — they just didn't. That's much easier now that interest rates have come up from 0%.

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Illustration: Sarah Grillo/Axios

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Where it stands: Airline CEOs met Thursday with White House Chief of Staff Mark Meadows, who said President Trump would support an additional $25 billion from Congress to extend the current aid package through next March.

House Democrats ask DOJ watchdog to probe Durham's Trump-Russia investigation

Attorney General Bill Barr. Photo: Kamil Krzaczynsky/AFP via Getty Images

Four Democratic House committee chairs on Friday asked the Justice Department's inspector general to launch an "emergency investigation" into whether Attorney General Bill Barr and U.S. Attorney John Durham, his appointee, are taking actions that could "improperly influence the upcoming presidential election."

Catch up quick: Last year, Barr tapped Durham to conduct a sweeping investigation into the origins of the FBI's 2016 Russia probe, after he and President Trump claimed that it was unjustified and a "hoax."