Time to Inflate Inflation Targeting And The Suspicious Oil Rally — MM #115

Some traders are on vacation but markets are on the move. Apart from the suspicious rally in oil, perhaps the summer sun is a good time for a change of heart in the Fed. 

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  1. Inflating inflation targeting: The Fed and other central banks have made 2% inflation their holy grail but the world has changed several times since then. Is it time for a change? We discuss NGDP targeting, higher inflation targets and why we are talking about it. Perhaps governments should bear the brunt.
  2. Suspicious oil rally: The price of crude oil has jumped around 20% from the lows seen just this month. We weigh supply, demand, speculation and other ingredients to reach a skeptical conclusion.
  3. Preview: US and UK GDP updates, durable goods orders and the Jackson Hole Symposium stand out.

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