Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
After the infamous hashtag #grexit to represent Greece exiting from the EU, let me be the first to stake the claim to #Benxit as it appears closer by the day. Normally this would cause the market to panic but considering Janet Yellen appears to be the front runner to replace Ben, and she is going to make him look like a hawk the Kool Aid should runneth over. The latest sign that Ben’s days are numbered is this notice that he will not be attending Jackson Hole this August. Jackson Hole being the place of some of Ben’s most momentous announcements. He is citing a personal scheduling conflict 4 MONTHS in advance. You know the type – like when you tell your boss you have a “dentist appointment” but it’s really a job interview.
- Greenspan’s final conference featured glowing reviews of his 18-year tenure, including a debate on whether he was the greatest central banker of all time. (how times change) Bernanke, a former Princeton University professor who has tried to make the Fed more collegial, may wish to avoid such accolades, as well as speculation about whether he will stay for a third term, according to Vincent Reinhart, a former director of monetary affairs at the central bank. “Greenspan’s last appearance at Jackson Hole was a series of love letters,” said Reinhart. “It could be that Ben Bernanke just didn’t want to do that.”
- The economics symposium in Jackson Hole, sponsored by the Kansas City Fed, is closely watched by investors for signs of changes in central bank policy. The last time a Fed chairman didn’t address the conference was in 1988, when Greenspan didn’t speak. “To be around the pool of potential succession candidates in August would be awkward,” Reinhart said
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