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Where’s the Recession?
by James Rickards Daily Reckoning
No sooner had the BRICS Summit in South Africa ended on Aug. 24 that Federal Reserve Chair Jay Powell took the podium at the Fed’s annual retreat in Jackson Hole, Wyoming, on Aug. 25.
What did Powell say, and what are the implications for investors and global markets? Let’s review…
Subject to the usual qualifiers about data dependence and observing economic developments, Powell’s remarks at Jackson Hole were unqualifiedly hawkish.
My expectation is that the Fed will raise interest rates another 0.25% at its next Federal Open Market Committee (FOMC) meeting on Sept. 20. This would lift the fed funds target rate from 5.50% to 5.75%, the highest fed funds target rate since 2001.