It was a historic day for the Federal Reserve with wide-ranging ramifications for capital markets.

Fed Chairman Jerome Powell unveiled Thursday a new framework in which the central bank formally agreed to a policy of “average inflation targeting,” writes CNBC’s Jeff Cox. In other words, the Fed will let inflation run above its 2% target for “some time” after struggling to bring the rate to that area.

Microsoft Corp. teamed up with Walmart Inc. in a contest with Oracle Corp. to buy the U.S. assets of the popular video-sharing app TikTok from China’s ByteDance Ltd.

Oracle and Microsoft, with its new partner, both submitted bids in a deal that could come within the week.

Today’s Economic Data

13:30 (UK time): Personal Spending (USD)

14:05 (UK time): BOE Gov Bailey Speaks (GBP)

14:45 (UK time): Chicago PMI (USD)

15:00 (UK time): Consumer Confidence (USD)

Day 2: Jackson Hole Symposium