A Monetarist recession vs a targeted approach to inflation ...Middle East

Federal Reserve Chairman Jerome Powell and his colleagues are continuing to raise interest rates even though they know this is likely to cause a recession. At the annual bankers’ gathering in Jackson Hole this August, Powell promised “pain” as a result of the interest rate increases he is engineering. Everyone knows this will be hard on working people, but the Fed policy makers seem to have made up their minds. Why are they risking a recession and a serious increase in unemployment? Because the “idea” driving Monetarist economics these days is “credibility.” Deep down, it’s that sick machismo business again. The central bankers are persuaded that they have to have the “cohones” to cau

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A Monetarist recession vs a targeted approach to inflation ...Middle East

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