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The Wall Street Journal: Central bankers face irrelevance at Jackson Hole

Reuters

Fed Chairwoman Janet Yellen speaks with ECB President Marlo Draghi at the Jackson Hole Economic Policy Symposium in 2014.

When central bankers gather this week in Jackson Hole, Wyo., they will be consumed not with some pressing crisis in the global economy but by an existential threat to their relevance.

The threat stems from the realization that the sluggish economic growth that has prevailed since 2009 may be here to stay. If so, then so are today’s low interest rates.

Central banks set interest rates to balance investment and savings and thus keep economies fully employed and inflation stable.

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