Peter Ireland, E21
Speaking at last month’s economic policy symposium in Jackson Hole, Wyoming, Federal Reserve Chair Jerome Powell described vividly the challenges that central bankers face in a world of constant change and uncertainty. These challenges make it impossible for the Fed to perfectly fine-tune the economy. Chair Powell’s preferred, gradual approach to raising interest rates is therefore justified. The Fed could meet these challenges even more effectively, however, by adopting and following a monetary policy rule. Read more here....