The Fourth Industrial Revolution - Earnings: DRG, DIR, BIP, CHR, EXE
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There is no better place for central bankers to test new theories on their peers than at the annual meeting of central bankers. These meetings have been held since 1978 at Jackson Hole in Wyoming. The big issue facing central bankers back then was rising inflation. Inflation is still the main topic, except nowadays the issue is not rising inflation, it is finding an explanation for the lack of inflation.
Current US central bank Chief Jerome Powell, the third in four years still maintains inflation is just around the corner. This would be easier to accept if the bond markets were in agreement, but they are not. Yields on US 10 year benchmark bonds are stagnant.
In this regard, hats off to Bank of Canada Governor who issued a paper at the annual meeting titled The Fourth Industrial Revolution and Central Banking. Technology and its impact on the economy has been a frequent topic of ours, Mr. Poloz has taken this concept to the peer level at Jackson Hole. Comments this week look at this new approach now on the record at the annual event, and the implications this has for holding a portfolio of reliable income focused investments.
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