This was Jay Powell’s Jackson Hole speech from 2021. To be fair, he was not any farther off than 90 years of his predecessors. Oops on inflation is a short read.

https://www.federalreserve.gov/newsevents/speech/powell20210827a.htm

This week’s speech was essentially 8 minutes of “now we aren’t kidding on interest rates.”

Monetary policy matters to owners of financial assets…a lot. That it has become an even worse game of political football is disturbing as it is easy enough to be terribly wrong without factoring in climate change and equality and gender debates.

The study of history is how wrong “we” can be. And thus what is ideal is sober, steady-state policy clearly annunciated and based upon the best “social science” we can muster. That is exactly what we don’t get and it’s only getting worse.