Back in 2020, Federal Reserve Chair Jerome Powell made a pivotal shift in the Fed's interest-rate guidance framework—a decision that would haunt him in the years to come. At the time, it seemed justified under the circumstances. But as inflation surged unexpectedly and the economic landscape shifted dramatically, Powell would come to view that early guidance change quite differently. It's a reminder of how policy decisions made in one moment, shaped by the conditions of that time, can reverberate through markets in ways policymakers didn't anticipate. For anyone tracking how monetary policy influences asset classes and market cycles, this 2020 turning point remains a crucial waypoint in understanding the Fed's evolving relationship with rate management.