Bernanke defends easing but holds off for now

Faster. Better. Together.
Inman Connect San Francisco, Jul 16-20, 2018

At the end of each August, the world's central bankers gather in Jackson Hole, Wyo. Sit around the ol' campfire singin' sad songs, goin' fishin' in pin-striped suits, and tellin' tales about the big trout that got away. This year, most of 'em. Despite the risk of feeding conspiracy theorists, it's good to know that these people talk with each other constantly. The People's Bank of China comes to Jackson Hole. Money is money everywhere, the problems different but the same, and today are tightly linked. Mangled policy in Europe creates risk in China, and makes it all the more difficult for China to adjust its own severe imbalances. One central banker is missing: in the midst of widespread expectation of bond purchases by the European Central Bank, its chairman, Mario Draghi, cancelled his scheduled Jackson Hole speech. One thing is certain: if you're afraid to leave town, you don’t have a deal. Perfesser Bernanke spoke today shortly after smoky Wyoming sunrise. Markets hoped for ...