Mary Poppins would not give the children in her care an exit timetable. She just said that she would leave “when the wind changes”.
Ben Bernanke of the Federal Reserve, who has given the markets a lot of sugar lately, is just as coy. He said yesterday that the regime of very low interest rates will end “when it becomes necessary to achieve our objectives of maximum employment and price stability”.
We do not know when the economic winds will change to make inflation a great concern. But Mr Bernanke believes it will not be soon. This will not happen, he said repeatedly, “for an extended period”.
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