Jackson Hole: Fed has no easing pivot in line of sight

A year ago, at Jackson Hole, Jerome Powell did not have a single interest-rate hike in mind. The aim of monetary policy at the time was to provide maximum support for an economic recovery that was certainly faster than usual but was seen as fragile. The pandemic risk remained predominant. Jerome Powell had done everything to avoid being perceived as hawkish. Next week, in contrast, he will no doubt try not to appear dovish. The Fed's anti-inflation credibility is at stake. The Fe...