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We Don’t Need a Broad Consensus
I am on vacation, but apparently can’t stop myself; more of a thought piece here on why we think broad consensus is important. Reporting on the Jackson Hole conference, the Wall Street Journal’s Nic Timiraos brings us this “For the chair, what you care about is agreement on the decision. You don’t care about agreement on the reasoning,” said Adam Posen, president of the Peterson Institute for International Economics in Washington. That created a limit to Mr. Powell’s ability to communicate clearly about why the Fed was cutting. “He’s speaking for a committee that has multiple reasons for voting as it ... (full story)