Food and energy prices aren’t the focus at Jackson Hole
because central banks cannot control them,
but are very much the focus for consumers.
The shock to these prices in the first two years of the Biden administration was the worst since the tail-end of the 1970s.
This is what has happened to the official index of food prices, on a log scale, since 1950:
Longer Term: What About Fiscal Policy?
Absent from all of these debates is fiscal policy.
The bond market might rebel even before the election as it becomes clear that both candidates are advocating policies that would directly widen the deficit.
John Authers Bloomberg 19 August 2024
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