MM #115 – Time to inflate inflation targeting and the suspicious oil rally

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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