Federal Reserve Chair Jerome Powell had a message for the U.S. economy and the financial markets: prepare for “some pain” ahead and higher inflation-busting interest rates are here to stay. 
Powell recently delivered his much-anticipated Jackson Hole Economic Symposium speech, and his hawkish remarks disappointed investors. 
When the Fed started its tightening cycle in March, the head of the central bank routinely purported that the institution could navigate the economy to a soft landing rather than a hard crash. In this environment, inflation is defeated, the labor market remains relatively intact, and economic growth persists. 
But he has now changed his tune. …