Publications: Notes at the Margin

Data Driven (August 31, 2015)


On Saturday, the Federal Reserve Board’s vice chair, Stanley Fischer, spoke at the annual Jackson Hole, Wyoming monetary meeting sponsored by the Federal Reserve Bank of Kansas City. This year’s conference focused on “Inflation Dynamics and Monetary Policy.” Fischer’s remarks concerned the forces holding down inflation in the United States and the consequences of some recent international developments. Stan’s Jackson Hole speech is extraordinarily important because he was one of the first students of monetary policy to concentrate on inflation expectations. Fischer’s talk has important implications for the oil market. The oil market may also have important implications for the central bank, although central bankers tend to discount energy today. Oil may become important as an inflationary factor for two reasons, both linked to data released or to be released in August. This week's report provides the details and discusses the implications.


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