• BCMstrategy, Inc.

QOTD -- Global Macro

The Federal Reserve's recent shift in monetary policy priorities regarding inflation identified labor market productivity as a driving factor for the shift. Many shrugged at this rationale, observing that labor market productivity necessarily and to shift given the large and growing role of remote work amid the pandemic.


Most G7 central bankers offered views on the labor/inflation/pandemic issues at or around the edges of the Jackson Hole monetary policy conference where the Fed's shift was announced. Our PolicyScope Risk Monitor readers received analyais and direct links to key speeches at the time.


Of all the G7 countries, however, Italy stayed silent. Until today. So when the English version of the speech below from Gov. Visco popped up on our PolicyScope Platform today, we had to take a look. Consider:

Do you agree that Italy's persistent economic weakness is due to a mismatch between its high level of technology innovation and its educational system?


Whether your not you agree on the analysis with respect to Italy, the reality is that the section above could also easily describe the state of the United States economy. The point about educational investments is particularly apt just as (i) Congress reconvenes to consider another COVID-19 stimulus spending bill which includes funding for education and (ii) the OECD releases this study on how COVID-19 is impacting education delivery and policy.

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By BCMstrategy, Inc.

©2020 by BCMstrategy, Inc.