Odd Lots
This Is What We Just Learned In Jackson Hole
Aug 26, 2023
In this conversation, Tom Keene, co-host of Bloomberg Surveillance, and Michael McKee, international economics and policy correspondent, break down Jerome Powell's recent speech at Jackson Hole. They explore the event's significance in shaping monetary policy, the surprising trends in inflation and employment, and how this year compares to past gatherings. The duo shares personal anecdotes, navigates economic complexities, and discusses the intriguing dynamics between media, analysts, and the evolving financial landscape, all while reflecting on their experiences amid Idaho's stunning scenery.
33:29
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Quick takeaways
- Central bankers are facing uncertainties due to the failure of the Phillips curve and complexities in the current economic landscape.
- Jackson Hole is a significant event where central bankers discuss longer-term analytical frameworks for monetary policy, although media attention often focuses on short-term policy outlook.
Deep dives
Uncertainty and Uneasiness in Central Banking
Central bankers are facing an unusual time characterized by a decrease in inflation despite a robust labor market and an acceleration in economic growth that defies expectation. The Phillips curve, which suggests that inflation should rise as unemployment falls, has failed to hold true. This has left central bankers puzzled and anxious about the persistence of disinflation. The situation is further complicated by other factors, such as supply chain pressures and housing conditions, which are outside the traditional purview of central banks. The complexities of the current economic landscape have left central bankers uncertain about the future.
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