Mohamed A. El-Erian , Columnist

Powell’s Tricky Balance at Jackson Hole

The Fed chairman’s speech on Friday is an opportunity to reset expectations in large or small ways.

August 21, 2019 at 9:00 AM UTC

Mohamed A. El-Erian is a Bloomberg Opinion columnist. A former chief executive officer of Pimco, he is president of Queens’ College, Cambridge; chief economic adviser at Allianz SE; and chair of Gramercy Fund Management. He is author of “The Only Game in Town.”

Back to Wyoming, back to the spotlight.
Photographer: David Paul Morris/Bloomberg

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It is often easier – though not necessarily easy – to talk about what policymakers should say rather than what they will say. This week may be an exception.

I suspect that Federal Reserve Chairman Jerome Powell, opening the annual Jackson Hole symposium on Friday,1 will try to reset expectations to keep the central bank’s policy options wide open.