The world's central bankers seemed in no hurry to start raising interest rates as they headed home yesterday from the US Federal Reserve's annual retreat in Jackson Hole, Wyoming.
In private and in public, most officials indicated they believed that rates could be maintained at ultra-low levels for a considerable time without generating excess inflation, in spite of better economic data and a return of “animal spirits” in financial markets.
Some used the platform of the conference to push back against calls for early implementation of “exit strategies” that would reverse the current extraordinary degree of monetary stimulus.
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