Powell Maintains “Strategic Ambiguity” as Fed Weighs Supply Shock, Policy Lag, and Inflation Expectations.Federal Reserve Chair Jerome Powell struck a tone of “strategic ambiguity” in remarks at a Harvard event, signaling that policymakers are not yet ready to respond to the current oil-driven supply shock, even as risks to both sides of the mandate are building. As the Iran war extends, Powell acknowledged the Fed could eventually face difficult trade-offs, but emphasized that the economic impact remains uncertain.