Central bankers shun policy clues as trade pervades Jackson Hole

(Aug 28): Leaders of the world’s most powerful central banks defended post-crisis reforms at their annual retreat in Jackson Hole, Wyoming, while discussing the causes and consequences of populist waves that have reshuffled the political order in the US and Europe.

Monetary policy wasn’t a major focus during the three-day gathering. When it was discussed, the messages from the Federal Reserve and European Central Bank stressed their gradual approaches to unwinding emergency-era stimulus as global growth picks up.

Policy makers instead poured over the pros and cons of free trade and made a full-throated defense of the safety net created since the 2008 financial meltdown, which President Donald Trump wants to roll back. Britain’s vote to divorce from Europe, Trump’s election and the anti-immigrant presidential candidacy of Marine Le Pen loomed large over the event.

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