Discussion about this post

User's avatar
Ziggy's avatar

The thing to keep in mind is that Jay Powell was trained as a lawyer, and raised as a banker. The Fed--much like the medical profession--seeks legitimacy from science. But central banking is not economics, especially when embedded in a democratic polity. Expect the usual dose of miracle, mystery, and authority. This is not to blame the Fed--they're smart people who are trying to do their best solving problems that nobody really understands with a very limited set of intellectual and policy tools. I only worry about them when they start to believe their own bullshit.

Expand full comment
Jon Metzler's avatar

Thank you for this summary and broader context! I had wondered why it was that they converged on Jackson Hole of all places, and who else attended.

Expand full comment
12 more comments...

No posts