At the annual gathering of central bankers in Jackson Gap, Wyoming, attendees take pleasure in R&R: analysis and recreation. The latter often entails a pleasing hike by the lake, however final yr a rainstorm soaked the assembled economists. After they returned on August twenty third a remarkably correct climate forecast helped them dodge a bathe and luxuriate in some solar. This was apt. A yr in the past inflation was nonetheless too excessive and traders had been inserting bets that rates of interest must keep “larger for longer”, the financial equal of a drenching. This yr inflation seems all however subdued and central bankers—whose optimistic prognostications have additionally come to move—have began reducing rates of interest.
