Stargazing in the Mountains
Federal Reserve (Fed) Chairman Jerome Powell devoted the bulk of his inaugural opening act at the Kansas City Fed’s economic symposium in Jackson Hole to three features of the economy that, in the long run, are the “stars” by which “…policymakers should navigate.”1 However, following his habit of draining drama from any appearance, he said at the outset that “…there are risk factors abroad and at home that, in time, could demand a different policy response, but today I will step back from these.” Nonetheless, observers could not help themselves from searching for some hint on current policy in the 23-page speech delivered by the Fed chair. Luckily for his readers, staff labelled the last section “The Current Situation” for those who wanted to cut straight to the chase.
On January 31, 2018, The Boston Company and Standish merged into Mellon Capital to form a combined entity, BNY Mellon Asset Management North America Corporation. Effective January 2, 2019, this entity was renamed Mellon Investments Corporation.