Does the relative stability of Bitcoin inspire any more confidence?
With the Federal Reserve now committed to making monetary policy decisions on the fly, this year’s in Jackson’s Hole may matter more than ever.
All that pageantry, all that caviar flown into the woods of Wyoming, for this? Well things aren’t all that simple. The Fed’s policy and outlook is essentially unchanged, but at a time when economic uncertainty has never been so heightened. This is one of the most interesting times to be alive for anyone with an interest in economics, because it’s a moment where the world’s most important banker has never been in such a deferential position to fate. His decisions still matter. Raising rates increases the cost of living across the country and world: it makes mortgages costlier and cars more expensive. Powell's team determines whether in aggregate the American Male will buy that new rec vehicle, or hold off for another year.
This is not a rational system, despite all the data, though I’m beginning to suspect it was never designed to be. How is inflation measured? Well the Fed pays people to walk around grocery stores and write down the prices. Should gas, that thing that – excuse the pun – drives the economy by getting people to work, figure in at all? Maybe if the cost of gas were less volatile.
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