Federal Reserve Chairman Kevin Warsh used his Jackson Hole speech last week to lay out what he thinks of monetary policy. Two things jumped off the pages of his speech.
First, “Fedspeak” may be making a comeback. Former Fed Chairman Alan Greenspan became famous for phrases like “irrational exuberance.” One section of Warsh’s speech, titled “Preparing for Future Policy Conjunctures,” felt like a throwback. “Conjunctures,” really? Greenspan would be proud.
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