Anyone looking for firm direction from the world’s most powerful central banker in his much-anticipated speech on Friday in Jackson Hole, Wyo., will inevitably be disappointed.
Investors may be glad that U.S. Federal Reserve chair Jerome Powell did not use his 15 minutes in the global spotlight to crash the markets the way he did last year.
But taken literally, the Fed chair’s colourful statement that he is “navigating by the stars under cloudy skies” is a frightening reminder that as we head into the autumn, one of the world’s key economic leaders seems a little bit lost.
For more than 40 years, the people who ultimately decide how much
