This week the Federal Reserve Bank holds it annual Jackson Hole summer meeting. Nice duty, nowhere is summer nicer - normally cool, dry and pleasant. The tarmac at Jackson airport will be full of executive jets. See the story at the CNBC site.
My hope is the Fed will finally allow interest rates to rise to a level at which it is worthwhile holding Treasuries. That is my hope, not my expectation.
I fully expect the Fed to continue stimulative actions including holding down interest rates. The result of their actions is a Fed-caused stock market bubble, otherwise unjustified by economic growth or prospects.
It is clear the Fed is doing what the politicians who appoint them, and to whom they report, want. Janet Yellen would like to be reappointed when her term expires. So much for "independence."
