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All eyes on Jackson Hole Wyoming the world's economic policy elite are flocking to Jackson Hole.
For the federal reserve bank of Kansas city's annual meeting to debate the future of the world economy.
Tomorrow Federal Reserve Chairman Ben Bernanke is expected to offer more clues about the Fed's outlook on the US economy.
And what steps the Fed may or may not take to help the economy grow at -- n.'s Peter.
That's an invitation to this exclusive event he joins us within -- for investors as well as an upcoming interview with John Taylor at Stanford professor and economic advisor.
To GOP presidential candidate Mitt Romney but first Peter we gotta talk about Ben Bernanke and I want to set this up with -- -- By reading a quote from the Cleveland plain dealer about the adventure that you know this is where the elite need.
And they said 140 people every year -- some of the biggest names in economics and finance they come to enjoy the breathtaking views of the grand teton mountain range to hike fish.
And doing gauge an intellectual combat in the halls of the Jackson lake -- That combat.
Impacts our wallets tells about it.
They're absolutely right this is a very academic conference however.
The big keynote speech by the Fed Chairman every year is the big news and we get that tomorrow morning from.
Fed Chairman Ben Bernanke 10 o'clock eastern 8 o'clock here because its traditional walk shot.
We have a we have heard -- -- from the -- About what it may do to try to help.
The economy would potentially more stimulus more monetary easing so we do expect the Fed Chairman.
You outlined the options for the Fed on how to do that the risks and as you know we got the all important jobs report coming up a week from tomorrow and then after that.
The Fed next FOMC meeting on September 12.
Where the Fed has already said it will start to consider additional.
Policy moves to help the economy and and Peter very quickly is the election now factor -- anything they'll be discussing their.
I it could be I did talk to one former fed governor who is attending this and he told me at the airport.
He thinks that -- that the conventions.
This is that being book ended by the Republican Convention where the Fed chairman's but under a lot of criticism.
And the democratic.
Convention next week he thinks that that will temper -- -- Bernanke's remarks because he doesn't want to appear to be helping the economy.
To help president Obama's reelection campaign so you want the -- he looks stated states firmly neutral and speaking of that.
Let's not go to John Taylor Stanford economics professor and also an advisor to Republican presidential candidate.
Mitt Romney and now -- -- thanks for joining us once again here in Jackson -- great to be an end and -- You just came.
From Tampa you -- a delegate from California to the convention very exciting I'm sure but the big.
Story is mr.
is the governor around his acceptance speech tonight.
What is he going to say about the economy.
Well of course is planned for the economies laid out that a -- really get growth increased quite a bit has been so low try to get unemployment down.
And so that's that's laid out -- I think we've been talking about it he's been talking about it of course Paul Ryan talked about last night so we'll certainly be an emphasis on that.
What's the most concern to me right about the economy as we just languishing here you know under percent under 2% maybe you hovering around 2%.
And I think we needed change in policy to fix that and -- he's got a real change in policy do that more strategic if you like less short term stimulus packages.
Get some tax reform going deal with the regulations so it's an exciting time I think right now there -- policy.
As chairman Bernanke going to be announcing any changes in policy tomorrow we'll I have no idea of course.
The speculation is that -- Really confirm what was said blasts at the above the last FOMC meeting but which is of course hinting towards war.
Quantitative easing or other kinds of actions I actually don't think it's a good idea to do that but they'll do what they want what did you think that's -- good idea well I think they have been.
Largely ineffective so far and and more and more so the -- the margin -- benefits are getting smaller and smaller.
And I think the costs are growing.
-- each time the balance sheet is an increase as a question about how it's -- -- there's -- there's speculation over time about the markets sort of uncertain aspect to it so I think it's.
The question of the costs beginning -- -- the benefits.
Do you do you think that.
What what do you think of the other you are the active policy considerations we did hear that in the September 12 meeting they are going to look at.
Extending their forward guidance due to keep interest announce that they.
Plan to keep interest rates low not just through the 12014 but maybe in the 4015.
Maybe twice sixteen.
And they -- that there's another very promising thing at the last meeting this was reported in the minutes that's this discussion of trying to use some policy rules or strategy is to talk about the well I think -- Taylor or whatever credits to me it's it's it's a promising development because we know policy really worked well for many years when -- was more strategically collect glass.
Discretionary not so many of these very unusual interventions and I think the more they get back to that the better off will be -- -- the recovery will be.
-- we -- talking about the state of the economy right now we can we get we've got.
Very mixed data points coming out over the last month you know a month ago I was doing a story on a possible double dip recession and then you know just in the last couple weeks the numbers look a little bit stronger.
What what is your read of the economy right now.
What's not good I mean.
The irony irony is get a one point 7% is gonna go to 2.2 like god that's great it's terrible -- -- growth of that level.
That's -- unemployment -- coming down this kind of recovery is just not doing the job.
I think it's a real concern the last recovery from the deep recession early eighties we had nearly 6% growth and so.
So -- I think to me it's just a lot of bad news sometimes worse than others and when you're growing so slowly pushing it -- in negative territory.
Your name keeps popping up back up and the list of possible.
Fed Chairman if Mitt Romney gets elected president would you -- Would you accept that job offer if analysts expect such but the out of a question you know.
What I doing now is.
Writing and talking about monetary policy and actually fiscal policy and regulatory policy but would you totally Soledad I think its important.
For me to continue to do that -- enjoyed it.
I'm joined in progress resurgent -- well you have you have been a public service before Washington so well we'll wait to see out election unfolds that.
Wait to -- if you get back.
Professor John Taylor -- university thanks for joining us on Fox Business.
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