by Wolf Richter
Who says the Fed can’t have fun at our expense?
At the Symposium in Jackson Hole, so feverishly anticipated by the entire world, Fed Chair Janet Yellen gave an even more feverishly anticipated speech on Friday, in which she said the same stuff she’d been saying all along, such as these nuggets:
“And, as ever, the economic outlook is uncertain, and so monetary policy is not on a preset course.”
“Our ability to predict how the federal funds rate will evolve over time is quite limited because monetary policy will need to respond to whatever disturbances may buffet the economy.”