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  • Writer's pictureStephen H Akin

Jackson Hole 2023

Updated: Sep 5, 2023

The topic of this years symposium "Structural Shifts in The Global Economy"

The 2023 Economic Policy Symposium. "Structural Shifts in the Global Economy," will be held Aug. 24-26.



Just in time!



Jeffrey R. Schmid named tenth president and chief executive officer of the Federal Reserve Bank of Kansas City


Schmid joins the Kansas City Fed August 21, 2023, with more than 40 years of regulatory and banking experience.


Read the full press release:



The Feds Book on Jackson Hole.


Download Free Here:


In Late August

This book tells the history of the Jackson Hole Economic Policy Symposium through the years.


It's a great read of Fed History!



 

Earlier this week our post on "Economic Strength" addressed the sticky effects of inflation.


Check out the post here:



The underlying economy continues to chug along as shown by the GDP chart below:


The PPI (Producer Price Index) has moderated. Will it be sustainable?

This has been one of our major concerns for a long time.


For those of you who remember, the interview with "Bond Buyer" way back in Early 2022

See the post here:



Rising rates“We've had an unprecedented era of low rates," said Stephen Akin, founder of Akin Investment, a registered investment advisor. "Inflation really could get away from the Federal Reserve; it's not out of the realm of possibility.https://www.akininvestment.com/post/preparing-for-liftoff


Looking back it is plain to see that the number one concern for markets this year was in fact rising rates and inflation as suggested in the January 11, 2022 issue of Bond Buyer.

 

The 2023 Economic Policy Symposium. "Structural Shifts in the Global Economy,"

The changes are coming. Both the Inflation Reduction Act and Chips and Science Acts

are being implemented.


No doubt we will get clarity on some issues

but there will also be many open issues that

will take time.


The news flow has been full of strategic moves that will involve redirecting investment capital allocation as well as tariffs and security trade restrictions.


As always we'll monitor the developments and keep you posted.

 

Moral Hazzard

"History Doesn't Repeat It's Self But It Often Rhymes" Mark Twain Moral hazard is a situation where an economic actor has an incentive to increase its exposure to risk because it does not bear the full costs of that risk. Or, put another way, it is when a party takes an excessive risk in bad faith, knowing another party is economically responsible for the outcome Looking back over time from the days of Mark Twain, The Reconstruction Era to the time of F. Scott Fitzgerald, Gatsby and the Roaring Twenties we have seen all of this before.




 

We could look to Christine Lagardes

Policy frameworks for a fragmenting world


How should central banks respond to these twin challenges?


How central banks navigate the digital era – such as innovating their payment systems and issuing digital currencies – will also be critical for which currencies ultimately rise and fall. This is an important reason why the ECB is exploring in depth how a digital euro could best work if launched.



So, we need to be ready for the new reality that may well lie ahead. The time to think about how to respond to changing geopolitics is not when fragmentation is upon us, but before. Because, if I may paraphrase Ernest Hemingway, fragmentation can happen in two ways: gradually, and then suddenly.


Central banks must provide for stability in an age that is anything but stable. And I have no doubt that central banks will measure up to the challenge.


Thank you.


Read the full post:




 

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