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Financial Times/Gillian Tett/8-25-2022
“Fair enough. However amid this frenzy of number-crunching, investors should also take note of some intriguing research floating around the edge of the Jackson Hole meeting about the importance of storytelling in monetary policy.”
USAGOLD note: Tett concludes that the Fed should continue with its promise to keep raising rates until inflation is under wraps. Storytelling aside, as we have mentioned before, it all comes down to a matter of degree. Will the pace of the rate increases be enough to subdue inflation? During the 1970s, central bank officials consistently presented themselves as inflation fighters, as prices blew through one milestone after another. The Fed, in the end, will be judged by what it does, not what it says.
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