A Benjamin Cole post
The financial media did a reasonable job in covering the Kansas City Fed’s recent Jackson Hole bias-confirmation fest, duly reporting that the Fed may raise rates, that everybody talked ceaselessly about raising rates, and of the extraordinary reasoning brought to bear to tease out some sort of reason to hike interest rates.
But the popular media did not print the Jackson Hole meeting schedule. A synopsis of the schedule speaks volumes. Here it is:
Friday August 28
8:00am Inflation Dynamics Through Firms’ Pricing Behavior
9:00 am International Aspects of Inflation Dynamics
10:25 am Central Bank Perspectives on Inflation Dynamics
Saturday August 29
8:00 am Reinflation Challenges and the Inflation: Targeting Paradigm
9:00 am Inflation Dynamics During and After The Zero Lower Bound
10:25 am Overview Panel: Global Inflation Dynamics
There you have it—not single panel devoted to, say, the strange esoteric topic of macroeconomic growth. The word “inflation” is literally in every panel title.
Now, with aggregate demand feeble and inflation dead in the United States, deader in Europe, and long dead in Japan, you might think “inflation dynamics” would be a passé topic.
Evidently not when central bankers convene. Indeed, “inflation dynamics” is of over-arching, all-consuming and riveting interest. There is nothing else to talk about—at least at Jackson Hole.
Egads, what does that tell you?