The Federal Reserve Bank of Kansas City’s annual economic symposium in Jackson Hole, Wyoming, which featured Kevin Warsh’s first speech as chairman, is winding down Saturday. Here are some of the key takeaways from the conference: Warsh Emerging Warsh used a keynote speech to hammer home a message that curbing inflation is the central bank’s
It is frequently said that the Federal Reserve steers by looking in the rearview mirror, basing monetary policy decisions on where the economy was in the past, rather than where it is today, or where it is headed. The reason is simple: the Fed relies heavily on measures that summarize the preceding 12 months. Those measures
The debate over artificial intelligence and monetary policy is already well under way. Federal Reserve Chair Kevin Warsh and others have rightly emphasized that AI could raise productivity and productive capacity even as the investment boom puts pressure on resources before those benefits arrive. That timing problem is real. But it risks obscuring a more
The first U.S.-Japan joint intervention in three decades aimed at boosting the yen has come and gone without doing much to ease anxiety in currency markets. Treasury Secretary Scott Bessent’s notepad suggested the U.S. bought $5 billion-$10 billion worth of yen, while Japan’s move topped $50 billion. The exchange rate initially strengthened to about 157 yen per
The Trump administration is moving ahead with its efforts to fire Federal Reserve governor Lisa Cook, two months after the Supreme Court allowed her to retain her job while she fights the president’s effort to terminate her over mortgage fraud allegations that she has denied. The justices in a 5-4 decision in June said Cook, who was
