August 2023

By the Way - Macro commentary

The Jackson Hole Economic Symposium brings together central bankers from around the world to discuss trends in finance and in particular, interest rate policies.? It has lost a lot of its luster over the years as the old behaviour of bankers to keep secret much of their internal discussions and decisions left Jackson Hole as one of the few opportunities for the rest of us to catch a glimpse of what their thinking was.? That has now evolved, given endeavours for more transparency, to today where policies are much more open and its hard on any given day to avoid bumping into a banker pontificating on the current economic environment.? At any rate, the conference had little impact on markets.? Keynote speaker, FED Chairman Powell remained adamant rates would stay high to continue the fight against inflation, but at least he was no more hawkish than expected.? I did take notice of one of his quotes: “We are navigating by the stars under cloudy skies.”? I applaud him for his candor and couldn’t agree more.... continue reading

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MPY PM Commentary Q2 2023