Jerome Powell says little about further interest-rate cuts. The president is furious
EVERY AUGUST a who’s who of economists and central bankers gathers in the shadow of the Teton mountains in Jackson Hole, Wyoming. Ostensibly, they convene to discuss new monetary research; occasionally, the meeting has broader significance. In 2010, as the American economy seemed to be stumbling into a “double-dip” recession, Ben Bernanke, then head of the Federal Reserve, reassured markets that the Fed was prepared to unleash a new round of stimulative asset-purchases.
Some on the Fed’s monetary-policy committee see a clear case for further rate cuts. But the minutes of July’s meeting and recent remarks from the Fed’s more hawkish voices show that not everyone is convinced. “Don’t feed the bears,” joked Esther George, president of the Federal Reserve Bank of Kansas City and the host of the conference, in her opening remarks in Jackson Hole. She may not have been referring only to the furry mammals that roam the Tetons.
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