Powell Did Well at Jackson Hole

Published on August 27, 2024

Powell’s remarks in Jackson Hole were more dovish than I anticipated. Powell did not hedge; the clear direction of policy was lowering rates. The focus of the Federal Reserve’s (Fed's) narrative was shifting away from inflation risk to employment.

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Investors like annuities in 401(k)s, for other people

August 27, 2024
The financial services industry has been working for years to get annuities into retirement plans – and the good news is that people appear to like that idea.The bad news is that they like annuities for the sake of other people – they don’t personally want them.That is according to results of a focus group report today by consumer research firm Hearts & Wallets that included comments from 70 peopl

Will the AI Revolution Lead to Greater Prosperity?

August 27, 2024
Artificial intelligence has the potential to reshape our economies, labor markets, societies, and politics. But despite the rosy forecasts of an AI-driven boom, history shows that technological advances rarely lead to immediate improvements in living standards and often lead to profound disruption.