Fed Up

Careful What You Wish For

Members of the Fed Up Coalition protest during the Jackson Hole economic symposium, sponsored by the Federal Reserve Bank of Kansas City, at the Jackson Lake Lodge in Moran, Wyoming, U.S., on Thursday, Aug. 27, 2015. The symposium gathers central bankers, finance ministers, academics, and market participants to discuss the theme of "Inflation Dynamics and Monetary Policy". Photographer: David Paul Morris/Bloomberg
The 'Fed Up' movement shouldn't be targeting all its anger at the Federal Reserve.
  • Why it matters

    Why it matters

    When members of the Fed Up protest movement meet with central bankers in Jackson Hole this week, they will be delivering a number of demands, some justified and some unrealistic.

  • Facts

    Facts

    • The Fed Up group’s central demand is that the Fed keep interest rates low until there is significant improvement in the job market.
    • The group also wants to see more ethnic diversity in top Fed positions, as well as the removal of banks as co-owners of the body.
    • Low interest rates are bad for small investors who keep their money in savings accounts, but good for large investors who can take advantage of price gains in securities markets.
  • Audio

    Audio

  • Pdf

There’s a protest movement building in the United States that is “fed up” with the Fed and wants to apply pressure to the most powerful institution of the global capitalist system.

This week, the movement’s representatives are traveling to the legendary annual meeting of international central banks in Jackson Hole, Wyoming. The central bankers have apparently even relaxed their dress code for their meeting with the protestors, so as not to seem too much like bankers.

The critics have appropriated the motto under which Fed chair Janet Yellen began her term in office: “The Fed is there for everyone.” The so-called Fed Up movement’s most important demand is that the central bank should keep interest rates low until the job market truly picks up speed and labor unions have a chance to achieve significantly higher wages.

These rebels accuse the central bank of deliberately curbing economic growth in the United States. They’re demanding the Fed promote the sort of economic development that benefits all Americans, not just the rich.

Want to keep reading?

Subscribe now or log in to read our coverage of Europe’s leading economy.