Powell at Jackson Hole… and then what?
Tonight in Jackson Hole, Jay Powell will deliver his final speech in this central bankers’ lair. It’s often an important venue for getting messages across. Draghi, Bernanke, Yellen, and even…
Philippe Waechter's blog
What about the lender of last resort?
The conflict between Israel and Iran is not having the expected effects. While the price of oil has risen, it hasn’t gone beyond its level at the beginning of the…
Can our financial system support the green transition when the going gets tough?
In a post on the ECB blog, its Vice-President Luis de Guindos presents the three scenarios used in the stress tests to measure the resilience of the financial system during…
A somewhat empty framework for the ECB’s monetary policy
During the Michel Camdessus Conference held at the IMF on September 20, Christine Lagarde returned to the mechanisms of transmission of monetary policy in a troubled period.The message is that…
The Fed is signaling a more accommodating monetary policyfrom September.
Jay Powell announced at the central bankers’ meeting in Jackson Hole that the US central bank would begin its interest rate reduction cycle.JThe Fed boss was clear and unambiguous.
Positive real interest rate: a new world opens
New regime change on the debt market, inflation and long-term interest rates are now on an equal footing. A little over two years ago, investors had to successively face a…
Should central banks adapt to a changing economy?
Should we change the inflation target? If inflation is permanently higher and for an extended period, central banks will quickly feel cramped with a 2% target. The economy changes radically…
The ECB new strategy
The ECB is changing course. With its interest rate hike scheduled for 21 July, the ECB is putting an end to a long period of very low and stable interest…