Central Bankers to Governments: It’s Time to Spend, Spend, Spend

by John Stepek
Money Week

Janet Yellen, boss of the US Federal Reserve, made her big speech at Jackson Hole on Friday.

Markets had been waiting all week. And, naturally, she didn’t say much of any specific use. The US economy is looking pretty healthy, she said. But the Fed remains “data-dependent”, and there’s no obvious point at which rates will rise.

Pretty much as expected. Non-committal, with more than enough wiggle room to avoid any rate rises if she can possibly help it.

But a much more important message for investors came through loud and clear from her fellow central bankers: “We can’t keep doing this on our own”…

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