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The world hasn’t changed that much. What the Federal Reserve says still matters, a lot. For evidence, look at the market reaction on a quiet Wednesday in August when the minutes to the latest Federal Open Market Committee meeting were published. We had already heard the chairman’s gloss on the discussion that the committee had, and there are ideal moments to unveil a new policy direction straight ahead, in next week’s annual gathering of central bankers in Jackson Hole, Wyoming (which, unfortunately for the bankers, will be virtual this year, denying them the chance for some fresh air in the great outdoors), and in next month’s FOMC meeting.
