The medium is the message: Jackson Hole goes virtual

That’s a powerful message to Jerome Powell

That's a powerful message to Jerome Powell
At the July 28 FOMC press conference, Fed Chairman Jerome Powell brushed aside delta, saying it would now have only a minor effect on the path of the economy.
He’s no doubt rethinking that.
Goldman Sachs last week cut its Q3 GDP forecast to 5.5% from 9.0% as voluntary and involuntary restrictions go into place.
Powell won’t have to look any further than his own major speech planned for Friday in Jackson Hole. The Kansas City Fed has announced the in-person three-day event would be cancelled and moved to a virtual format.
It won’t be tough for Powell to envision the economic impacts of that decision and a million more small (and large) similar shifts because of the raging pandemic in the United States. At this point, I would be shocked if he offers a hint at a September taper.

FDA aims to give full approval to Pfizer covid vaccine on Monday

Full approval could aid with vaccine hesitancy

Full approval could aid with vaccine hesitancy
A common refrain for US anti-vaxxers is that they want full FDA approval before getting the vaccine. Whether that’s a real reason or flimsy excuse will be put to the test in the near future as the New York Times reports the agency is planning to give full approval on Monday.
More importantly, full approval will give cover to many public and private employers and organizations for vaccine mandates. If approved next week, it will be interesting to see if there’s a tipping point as schools and companies tell workers to get the vaccine or get a new job.
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