Trouble in paradise for Federal Reserve

Jackson Hole, Wyoming may not be paradise, but in late August it is about as close as any place on the face of the earth.  So it is not surprising that the annual Federal Reserve retreat, an invitation-only gathering of the power elite, takes place here amidst stunning natural beauty.  USA Today calls it “essentially summer camp for monetary policymakers, and it attracts powerful central bankers from all over the world, including the European Central Bank and the Central Bank of Japan.” But not all the campers are happy.  Janet Yellen is not showing up, nor are some other members of the Federal Open Market Committee (FOMC), the group that actually meddles in money markets, attempting to “manage” them.  As the stock market bubble inflated by five years of zero interest rate targeting and trillions of dollars of euphemistically labeled “quantitative easing” is showing troubling signs of collapsing, the Fed is facing serious...(Read Full Post)