, Columnist
Memo to Powell and Ueda — Markets Don’t Do Nuance
A major difficulty in getting tone and substance right for the Fed and BOJ lies in labor.
Speaking clearly to markets is the hard part.
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Markets don’t do nuance. Central bankers often try to do so, only to wish they hadn’t. But at least they get regular opportunities to get their phraseology right at the second time of asking. In the process, some people lose a lot of money, largely by making other people much richer in the bond, currency and stock markets.