Central bankers aren’t retreating from the fight against low inflation, although they’re wary of launching a fresh assault on any daring new fronts. Faced with disappointing growth after years of ultra-low interest rates, Federal Reserve Chair Janet Yellen and her peers who met this weekend in Jackson Hole, Wyoming, reaffirmed their belief in the power of monetary policy to stop economies from slipping into deflation. They were less keen on academic proposals that included the abolition of cash, raising their inflation targets, or keeping permanently large balance sheets. Yellen, in her keynote address at the Kansas City Fed’s annual mountain retreat, said that additional tools remain “subjects for research” and were not being actively considered. Visiting policymakers from Europe and Japan echoed her caution, while also reaffirming that they stand ready to boost stimulus if fiscal action proves insufficient to spur growth and inflation. Central bankers in advanced economies are struggling with low inflation, low productivity and weak levels of investment.
Central Bankers Spurn Call For Radical Approach
Bloomberg, Portland Press Herald
Sun, 08/28/2016 - 5:52pm
Sections: u.s.
Topics: Maine Cumberland County Portland
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