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Previewing Jackson Hole: Why Markets Are Setting Themselves Up for Disappointment
On Friday all econ-loving eyes will be focused on Jackson Hole, Wyoming. Think of it as Oscar night for macroeconomists. Except with sensible shoes rather than plunging necklines. But the anticipation and gossip is just as intense. Markets are convinced that Ben Bernanke’s going to make a major announcement. I disagree. Here’s why: 1. Central bankers generally try to be more boring than their audience wants them to be. That won’t change. 2. The run of data since the last Fed meeting hasn’t really changed, so why would monetary policy? 3. Given the slim governing coalition, Ben can’t get too far ahead of the ... (full story)
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