Investors who were banking on OPEC to enforce some “extraordinary measures” to rebalance markets were left empty-handed on Thursday after the cartel simply agreed on extending oil output cuts until the end of 2018.
The central banks’ inability to achieve their inflation targets led some analysts to argue for modifying these targets. Are they inappropriate in a modern, globalized economy? Should central banks change them? Or should they conduct a more rule-based policy, as John Taylor argues? How would such moves affect the gold market?