At the Jackson Hole meeting, the Fed ponders an uneven recovery

BUSINESS CYCLES are never perfectly symmetric across time and space. Yet they have rarely been as uneven as the rebound from covid-19. Some parts of the global economy are straining to meet roaring demand even as others limp along, battered by the spread of the virus. It is enough to take the fun out of monetary policy. Indeed, the Delta variant kept attendees of an annual symposium for central bankers from meeting in Jackson Hole, Wyoming, in the shadow of the majestic Teton mountains, on August 27th. Instead, they peered at their computer screens as they discussed how to shepherd an unbalanced economy through uncertain times.