Remember when Jay Powell was a hopelessly garbled Fedspeak novice, like Mike Bloomberg speaking Spanish only worse? When he couldn’t help explaining things in his native plain English rather than his adoptive bureaucratic tongue? Well, he’s come a long way, in terms of fluency if not central banking competence. And while he’s unlikely to ever write a dictionary of the special language like his predecessors, he’s adding a new term of art to its lexicon. As with all proper Fedspeak, at first inattentive hearing it sounds like English, albeit a very soporific dialect thereof. But the true adepts and linguists of what is formally known as Central Banking English know that the word “powerful” in this context means precisely the opposite.