To the disappointment of many on Wall Street, and to the relief of many in the real world, the Federal Reserve Board did not announce a third quantitative easing program (QE3) today.
But Fed Chairman Ben Bernanke did not rule out a QE3 in the future.
Op-ed writers and politicians are often criticized for taking an “on the other hand” approach, in which they combine criticism and praise in the same commentary or speech. Of course, Mr. Bernanke is not an op-ed writer, but his highly anticipated Jackson Hole speech today would certainly qualify as an “on the other hand” speech. Both supporters and opponents of ongoing monetary easing could find plenty to like – and plenty to dislike – in what he had to say.