Like every end of August for forty-one years ago, the attention of the markets and economists, is riveted on a hill station perched at 1,900 meters altitude in the deep end of the Rocky mountains. This year, a climate of concern and uncertainty weighs on the enchanting setting of Jackson Hole, Wyoming, where Jerome Powell, the head of the u.s. federal Reserve (Fed), and his fellow central bankers will discuss on the “challenges of monetary policy.”
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And challenges are not lacking. To start with the one that starts, almost every day, via Twitter, the president of the United States to “its” central banker, whose independence is guaranteed by Congress. Like a broken record, Donald Trump urged the Fed to lower its rate, massively, to stimulate the economy via cheaper credit and a more competitive dollar. Not without contradiction …
