Princeton Economist: “It May Take A Massive Program, Large Enough To Shock Taxpayers” – The Jackson Hole Post-Mortem
On Saturday, the 2016 edition of the Fed’s Jackson Hole two-day symposium came to an end, and as many expected, following long bouts of rhetoric, circular statements and hollow bluster, much of it contradictory, both the participants and markets remain as confused as ever.
In addition to Friday’s Yellen-Fischer one-two knock out punch, below are some of the key quotes, courtesy of Dow Jones:
“In light of the continued solid performance of the labor market and our outlook for economic activity and inflation, I believe the case for an increase in the federal-funds rate has strengthened in recent months.”
– Federal Reserve Chairwoman Janet Yellen, Friday, in a keynote speech at the conference:
When asked whether the Fed could raise rates at its meeting next month and again before the end of the year, he said Ms. Yellen’s speech “was consistent with answering yes to both of your questions, but these are not things we know until we see the data.”
– Fed Vice Chairman Stanley Fischer, Friday, in a CNBC interview:
“We should be on a program of gradual rate increases,” though he added, “We can afford to be patient” when it comes to acting.
-Fed governor Jerome Powell, in a Bloomberg television interview Friday:
Continued at: http://www.zerohedge.com/news/2016-08-28/jackson-hole-post-mortem-it-may-take-massive-program-large-enough-shock-taxpayers