Central Banking’s Next Act
Central banking seemed to have reached an “end of history” moment in the mid-1990s, when inflation targeting spread round the world after its success in New Zealand. A generation later, history has started again, with unpredictable consequences.
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LONDON – When US Federal Reserve Chair Jay Powell delivered his major speech at the Jackson Hole conference of central bankers last month, setting out the results of a yearlong review of the Fed’s monetary policy framework, he had stars in his eyes. Not the twinkly kind, but rather the notation that encapsulates the Fed’s views of interest rates, and unemployment.