As Jay Powell tries to reframe how the Federal Reserve will tackle the highest inflation in roughly 40 years, one of his most challenging tasks has been convincing investors of the US central bank’s commitment to doing so.

Having jettisoned an initially “patient” approach in favour of being “humble and nimble” about moving “steadily” towards tighter monetary policy settings, the Fed chair has embraced moving “expeditiously” towards “neutral” rates that will neither stoke demand nor constrain the economy.

Powell repeatedly invoked that message at the press conference following Wednesday’s rate decision, as he explained the Federal Open Market Committee’s rationale for raising the federal funds rate by half a percentage point for the first time since 2000, to a new target range of 0.75 to 1 per cent.