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Fed Chair Jerome Powell announced on Friday at the Jackson Hole Symposium that the U.S. central bank will consider tapering by the end of the year since the economy is on track to meet full employment and hit the Fed’s inflation targets.
Hanke noted that in the past, interest rates have gone up before a reduction in asset purchases, or tapering, happens, but this time the Fed is doing the reverse; they are announcing plans to taper before a making lift-off commitments, which require more stringent economic conditions, according to Powell’s speech.
“[Powell] thinks by changing the rule that we won’t have a tantrum like we did in 2017. We will have a tantrum, because once they stop shrinking the balance sheet and slowing down the money supply, I think the markets are going to be off balance completely,” Hanke told David Lin, anchor for Kitco News.
The Hanke-Cofnas Gold Sentiment Score: https://www.thegoldsentimentreport.com
Follow David Lin on Twitter: @davidlin_TV (https://twitter.com/davidlin_TV)
Follow Steve Hanke on Tiwtter: @steve_hanke (https://twitter.com/steve_hanke)
0:00 – Monetary policy, inflation
17:05 – Cryptos regulated in Cuba
24:50 – Gold sentiment index
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