Time for central bankers to turn the tide at Jackson Hole?

What we are experiencing today is similar to what we saw in 2004-06. At that time, the major central banks began to normalise their monetary policy, having been extremely accommodative to cushion the effects of a bursting internet bubble earlier in the decade. The difference today is that growth is subdued and the risk of inflation is much lower. Wages are only rising marginally, even in economies with already low unemployment rates, while commodity prices are suppressed. There is not a lot of evidence that supports really tightening the monetary tap - but these extremely accommoda...