Many including ourselves would crown FOMC chairman Ben Bernanke as one of the most powerful men/positions in the USA. At the beginning of this year the question post presidential election was….would Big Ben take the position if the opportunity presented itself, again in early 2014, marking his third term?
Bernanke to Miss Jackson Hole for Personal Schedule Conflict…..What?
August 22-24, 2013 marks the annual Jackson Hole Wyoming retreat in which various economist and political figures meet for detailed discussions. Just recently, Bernanke announced he would not be able to make the annual event….What??…Your kidding??? (This was not on his calendar???)
Clearly this is a signal to us that Big Ben is ready to call it quits. We do not blame him, what a taxing job with very little upside and tons of downside. Being selfish, with many more years (decades actually) of concern ahead for us….who is next up? and how will the transition go?? Dove, Hawk, Academic or Practitioner?
The word on the street is Janet Yellen (coincidentally…the keynote at this year’s Jackson event), a fellow dove or easy monetary policy person. There is a lot of ground to cover before January 2014…but the signal at this point is clear to us…..Bye Bye Ben, thanks for the service!
Have a Great Friday and a super weekend!
John Kvale214-706-4300 http://www.jkfinancialinc.com 8222 Douglas Ave # 590 Dallas, TX 75225