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Daily Telegraph: "We're stuck in the 'Yes-But' economy, where interest rate rises are forever delayed"

"For every indication that the economy is on the mend, there is another that suggests things could unravel very quickly"

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"Welcome to the topsy-turvy world of the 'Yes-But' economy. It is, as you are doubtless becoming aware, a strange, febrile place – one that is forever teetering on the brink of an inflection point without ever quite tipping over. There’s plenty of good news but it comes couched in significant caveats; likewise, most of the gloom is cancelled out by equal and opposite cheer. Is the glass half full or half empty? Well, that depends on your point of view, and which statistics you choose to back it up.

It is, in other words, an environment replete with excuses for inaction, especially if you are one of the world’s central bankers currently gathering for their annual jamboree at Jackson Hole this week. (What, incidentally, is the collective noun for central bankers? An 'indecision', perhaps?)

"... Ambiguous economic signals provide reasons not to raise interest rates. But they are also the consequence of the decision not to raise interest rates. The fragility of the 'Yes-But' economy is both maintained and sustained by the unwillingness of central banks to end the biggest monetary experiment in history."

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