The writer is chairman of Fulcrum Asset Management
The new framework for US monetary policy announced at the Jackson Hole symposium in August is a watershed event, for both the practice of macroeconomic policy, and the theory that lies behind it.
With markets beginning to doubt whether the Federal Reserve can raise inflation to its 2 per cent target, the Federal Open Market Committee has become extremely concerned that it could lose control of inflation expectations, a fate that has already befallen the Bank of Japan and the European Central Bank. The new framework is best interpreted as a last-ditch attempt to avoid this outcome.
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