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What's Up at the Fed?
August 15, 2013 • 8:04AM

Is the era of the Quantitative Easing charade about to end as "tapering" ushers in hard-line Nazi-style bail-ins, as the Bank for International Settlements, JPMorgan Chase, and others have been demanding?

For the first time since 1988, the chairman of the Fed (in this case Ben Bernanke) will not be present at the annual Jackson Hole symposium hosted by the Kansas City Fed, which begins on Aug. 23. That is what a Bloomberg wire reports, based on a Bank of America note issued yesterday.


Bernanke to the Fed: Apres Nous, le Deluge.

No reason or confirmation has come from Bernanke, but the title of the whole symposium is "Global Dimensions of Unconventional Monetary Policy" (that's bankerese for QE), and it will feature an "academic" panel by Northwestern University professor Arvind Krishnamurthy, on "The Transmission of Unconventional Monetary Policy," which is expected to be a hot topic of debate. The Bank of America note says: "An argument for a limited impact of QE would likely be interpreted by the markets as suggesting the Fed should and will taper quickly and end QE3 sooner rather than later."

That is also the argument presented in a recent San Francisco Fed study, which said that QE hasn't really helped at all. The conclusion was all the more surprising, because the SF Fed is normally considered to be very "dove-ish," i.e., in favor of QE. Yesterday there were public statements by three other Fed "doves" suggesting that "tapering" could start as early as this September. Dennis Lockhart, the head of the Atlanta Fed, said: "I wouldn't rule out September at all."


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