Many consumers seem to be feeling better about the economy (not good, just better than earlier this year). Well so do the central bankers – a la The Fed – at their annual Jackson Hole summer retreat.
Mr. Hoenig tried a few economist-jokes too. Playing off the phrase “too-big-to-fail” – a reference to banks that would topple the financial system if regulators let them collapse – he joked with the audience that he doesn’t want the Jackson Hole meetings to get too big. They could become “too big to feed.”
A number of ironies here but the overwhelming takeaway is that they are feeling better about the economy. While the economy “bites,” perhaps it’s now good enough to eat.