Om noen timer møter sentralbanksjef Ben Bernanke til sin aller første pressekonferanse. Det er nå bestemt at det skal holdes fire slike pressekonferanser i året, hvor sentralbanken skal få en ekstra mulighet til å kringkaste sin pengepolitikk. Rentemøtet som kommer inneholder ingen overraskelse, vil pressekonferansen gjøre det? Se live video her.
Blogger i morgen om hva som skjedde. I mellomtiden litt utfyllende fra en som skal være tilstede:
IN JUST a couple of hours, Ben Bernanke will make a little history by stepping to the podium at the first post-meeting press conference held by the Federal Reserve. It’s hard to believe that the press conference could generate more stories after the fact than it has before. See this, this, this, and this for just a small sampling. The conference creates the opportunity to tease meaning out of slightly more material than the Fed watchers normally have.
The Fed will almost certainly not announce any big changes in policy. Rather all eyes and ears will be trained on the chairman in an attempt to discern whether he has grown any more concerned about inflation. Inflation figures have continued to tick up, but long-term inflation expectations remain muted and the weak state of the labour market has prevented rising energy and food prices from translating into wage gains. Historically, output and employment gaps of the present magnitude have simply not been consistent with sustained growth in inflation expectations. I’d expect Mr Bernanke to acknowledge the latest data and profess his determination to keep expectations anchored, but I suspect he will declare his confidence that the situation is well under control.
It will be interesting to see if the chairman is pressed on whether the Fed should be doing more. I think there’s a case that it should be doing more, and I imagine Mr Bernanke may even be sympathetic to that case. At the same time, I feel fairly sure that he and other key FOMC members are too cautious to move toward additional expansion given the generally, if weakly, positive trends in the data.
In any case, your blogger will be in attendance. Please leave suggested questions for Mr Bernanke in the comments.
(Via Free exchange.)