FEDERAL Reserve (Fed) chair Jerome Powell’s speech last Friday at the annual Jackson Hole forum was consistent with his very gradual and highly measured approach to policy changes – an approach that financial markets love as it implies a longer period of very loose liquidity that fuels ever higher asset prices.
The real question, however, is whether the speech will end up being out of touch with actual economic and financial developments as they unfold over the remainder of this year and beyond.
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