The markets, in other words, which always react with speed and power to substantive news on the economy, are treating the commitment to stronger growth from the G20 with the disregard it deserves.
Of course, every government and policy maker wants stronger, sustainable economic growth in their economy. That is why the central banks in the industrialised countries have interest rates at or near zero and in many instances, have been printing money. They are not doing this for fun, but rather to try to reflate and grow their otherwise fragile economies.
Does anyone seriously think that, prior to the weekend G20 meeting, the governments of the US, France, India or Spain, for example, were not wanting to growth their economies 2 per cent faster over the next five years?
Of course they would if they could and they will if they can. While some of the media has succumbed to the dazzling press conferences and the chance to rub shoulders with the power of Christine Lagarde, Janet Yellen and Mark Carney, market players are not so gullible.
The way financial markets are trading in the wake of the G20 news suggests the quest for strong growth is hot air with no clear policy suggestions, no talk on consequences for inflation from the strong growth objective nor any indication as to the weight each member of the G20 will carry in the plan for $2 trillion extra GDP.
Stronger economic growth is always desirable*, but how to get it is the issue.
* Within an inflation targeting regime.