Jackson Hole Symposium: Ben Bernake cements Fed's dedication to boosting employment

Then scuttles off for barbecue and line-dancing

 

Ben Bernake, chairman of the US Federal Reserve, just announced to fellow economists that the American central bank is renewing its duty to spur job growth through quantitative easing.

Jackson Hole, Wyoming, has hosted the annual Federal Reserve Symposium since 1982, and is famous for its world-class fly-fishing conditions (this is what supposedly made Volcker – as in the Volcker Rule – start attending) and provides a scenic backdrop for some very serious chat. However, Jackson Hole also provides a leisurely escape for some of the world's most consequential decision-makers. As Businessinsider notes:

Jackson Hole provides a nice opportunity for central bankers to let down their hair a bit — only figuratively speaking, of course — and mingle with other members of their tribe and a few academics in an informal setting," says Eswar Prasad, a Cornell University professor who will speak on a Jackson Hole panel this year.

A notable absence this year is Mario Draghi, president of the ECB, who will be missing out on this afternoon’s barbecue shenanigans where "some of the world's most high-powered economists don cowboy hats, string ties and other Western gear and sometimes join in a line dance". 

Photograph: Getty Images
Photo: Getty
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Ignored by the media, the Liberal Democrats are experiencing a revival

The crushed Liberals are doing particularly well in areas that voted Conservative in 2015 - and Remain in 2016. 

The Liberal Democrats had another good night last night, making big gains in by-elections. They won Adeyfield West, a seat they have never held in Dacorum, with a massive swing. They were up by close to the 20 points in the Derby seat of Allestree, beating Labour into second place. And they won a seat in the Cotswolds, which borders the vacant seat of Witney.

It’s worth noting that they also went backwards in a safe Labour ward in Blackpool and a safe Conservative seat in Northamptonshire.  But the overall pattern is clear, and it’s not merely confined to last night: the Liberal Democrats are enjoying a mini-revival, particularly in the south-east.

Of course, it doesn’t appear to be making itself felt in the Liberal Democrats’ poll share. “After Corbyn's election,” my colleague George tweeted recently, “Some predicted Lib Dems would rise like Lazarus. But poll ratings still stuck at 8 per cent.” Prior to the local elections, I was pessimistic that the so-called Liberal Democrat fightback could make itself felt at a national contest, when the party would have to fight on multiple fronts.

But the local elections – the first time since 1968 when every part of the mainland United Kingdom has had a vote on outside of a general election – proved that completely wrong. They  picked up 30 seats across England, though they had something of a nightmare in Stockport, and were reduced to just one seat in the Welsh Assembly. Their woes continued in Scotland, however, where they slipped to fifth place. They were even back to the third place had those votes been replicated on a national scale.

Polling has always been somewhat unkind to the Liberal Democrats outside of election campaigns, as the party has a low profile, particularly now it has just eight MPs. What appears to be happening at local by-elections and my expectation may be repeated at a general election is that when voters are presented with the option of a Liberal Democrat at the ballot box they find the idea surprisingly appealing.

Added to that, the Liberal Democrats’ happiest hunting grounds are clearly affluent, Conservative-leaning areas that voted for Remain in the referendum. All of which makes their hopes of a good second place in Witney – and a good night in the 2017 county councils – look rather less farfetched than you might expect. 

Stephen Bush is special correspondent at the New Statesman. He usually writes about politics.