by John Crudele:
Janet Yellen is scheduled to speak to the world on Friday from the central bank’s annual gathering in Jackson Hole, Wyo. The Fed chairwoman will say, “Blah, blah, blah, blah, blah.”
After that, Mario Draghi, head of the European Central Bank, will take the stage and also say, “Blah, blah, blah, blah,” albeit in Italian-accented English.
Even if Yellen and Draghi say exactly the opposite, Wall Street — which is like an industrial-size clothes dryer on the high setting — will spin whatever words come out of the mouths of the world’s two most important bankers into the magical phrase, “Low interest rates will last forever.” ...