Central bankers face political shocks, and hope to avoid the worst

JACKSON HOLE, Wyo. - Global central bank chiefs know their job is to keep the economy out of the ditch.

“We are experiencing a series of major political shocks; we saw another example of that yesterday,” Reserve Bank of Australia Governor Philip Lowe said on Saturday, a day after China and the United States slapped more tariffs on each other’s goods and U.S. President Donald Trump called on American companies to shut down their operations in the Asian nation.

Worse, it’s a downturn none of the central bankers seemed confident about how to fight - coming not from a business- or financial-cycle meltdown that they have a playbook to combat, but from political choices that threaten to crater business confidence. It was a rare calling out of Trump, though his presence infused other remarks. Fed Chair Jerome Powell, handpicked by Trump to run the central bank but now an object of the president’s ire, noted in his opening speech that the Fed had no chartbook for building a new global trading system.Central banks have asked politicians for years to use fiscal policy more constructively and address structural problems plaguing economies.

Amidst all the tumult, and with interest rates across the globe already lower than they’ve been historically, monetary policy may be no match. “There’s only so much a monetary policy action can do,” Cleveland Fed President Loretta Mester told Reuters on the sidelines of the conference on Saturday. “You have to recognize that the U.S. economy is affected by what’s going on in the rest of the world ... I do worry about this whole undermining of institutions globally.”

Hope so too

Fed raised interest rates: Obama 8 years - 2x Trump 2 years - 7x Yes. Fed is political.

If a life of unremitting seige doesn't appeal then banking isn't for you

That image looks like 2 Jeffrey Epsteins

'The problem is in the president of the U.S.,' former Fed Vice Chair Stanley Fischer said. 'How system is going to get around some of the things that have been done lately, including trying to destroy global trading system, is very unclear. I have no idea how to deal with this.'

Nobody cares about central bankers.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Global First: Korea's SK Telecom Breaks 1 Million 5G Subscriber MarkSK Telecom in South Korea announced that it has surpassed 1 million 5G subscribers in just 140 days after launching service Let’s hear more about the downsides of 5G, concerns for how it may very well negatively affect our health and actually induce cancer. It seems like a conversation worth having, no?
Source: Forbes - 🏆 394. / 53 Read more »

'The lungs of the Earth are in flames': Brazil faces global backlash over Amazon firesWorld leaders, environmental groups and celebrities have publicly decried the vast swaths of forest being destroyed by the fires. The lungs of the planet are the oceans... stop missinforming people. If the Left ACTUALLY gave a crap about Climate, they would have been planting trees ... Lefties want CONTROL. Fakenews!!!
Source: CNBC - 🏆 12. / 72 Read more »

Escalation in U.S.-China trade war threatens global economy, poses Trump reelection riskAmerican cars, soybeans and oil largely produced in key swing states have been targeted for additional import tariffs by China, marking the latest volley in a widening trade war with the United States that has damaged the global economy. Sure, let's be more like China/Russia, the liberal socialist are the answer 😂 You are wrong! Please stop, getting old.
Source: MarketWatch - 🏆 3. / 97 Read more »

IMF chief economist says it's getting harder to find bright spots in the global economy'As the year is progressing, it's getting harder to find those bright spots,' Gita Gopinath says. Just give a look at Bitcoin. That sensational feeling when you discover Bitcoin, priceless! But GoldmanSachs says 3100 then 3400. Low earnings no problem. Raise PE multiple. Global risks rising no problem. Interest rates and debt equals good. GS hire me as part of your strategist team for outside of the box perspective. The “duh” comment of the day
Source: CNBC - 🏆 12. / 72 Read more »

Facing global pressure, Brazil's Bolsonaro may send army to curb Amazon firesAmid growing global condemnation, Brazil's President Jair Bolsonaro said on... Congratulations It’s a good thing there’s another habitable planet so close by and we can airlift this world’s population there. It would be absolutely insane and unthinkable to leave future generations with this burned out planet. AmazonRainforest 'may' I'd like to see a WILL
Source: Reuters - 🏆 2. / 97 Read more »