Click here to review this year’s agenda, which explores lessons learned from monetary policy responses to the pandemic and the surge in inflation. Each year, the Federal Reserve Bank of Kansas City selects a specific topic for the symposium and chooses a pool of attendees based on that topic. These experts write and present research related to the symposium’s theme. The bank posts the papers online, along with full transcripts from the event. Anyone who wishes to view them can do so for free online, or get a free printed copy after they are published.
About the Jackson Hole Economic Policy Symposium
She has logged thousands of hours interviewing experts, analyzing data, and writing articles to help readers understand economic forces. People from around the world come to present their research on topics that tie into the theme. The schedule is likely to be published Thursday and papers are typically candlestick chart guide and documentation released ahead of presentations.
Don’t expect fireworks from Powell this time
Still, Lucas added that every economist there will try to share their opinion on what the Fed should do next. And people spend their entire careers dreaming of a chance to help steer it. Deborah Lucas, an economist at MIT, has been to the Jackson Hole symposium several times. “You could mingle with them and you might pick up some nuggets of information or — what’s almost as good in the market — make other people think you did,” he told me.
The Impact of the Jackson Hole Economic Symposium
“In August of 2022, Powell knew the Fed had several more rate hikes to go. That is going to require him to be ko interactive stock chart a lot more nuanced in his speech,” said Tom Graff, head of investments at Facet. But the market is unlikely to react quite as dramatically this time around, they say, partly because Powell’s speech will likely be similar to the kind of commentary he has delivered following recent policy meetings. Some investors say they expect Powell to reiterate the Fed’s commitment to tamping down inflation while acknowledging the progress that’s been made.
Inflation: Progress and the Path Ahead
But as they talk about inflation and the economy in the abstract, residents of the popular vacation destination are very much feeling the realities of their policies. That’s because Jackson Hole is the most economically unequal place in the United States, according to the Economic Policy Institute. Central bank officials from across the world have descended upon Jackson Hole, Wyoming this week to discuss policy decisions that will shape the economy for years to come. When the Fed raises interest rates, that makes it more expensive for banks to borrow money. Because of the added expense, they have to be more selective about who they loan to.
- The labor market is no longer overheated, and conditions are now less tight than those that prevailed before the pandemic.
- Like many of his colleagues, Kansas City Fed President Jeffrey Schmid told CNBC in an interview this week, opening the symposium, that he would let the data lead his decisions and would not commit to a rate cut timeline.
- Evidence that the tightness in the labor market is no longer easing could also call for a monetary policy response.
- The Consumer Price Index, another closely watched inflation measure, rose 3.2% in July, a faster pace than the 3% in June, though underlying price pressures continued to decelerate that month.
- Hosted in the picturesque Jackson Lake Lodge within the Grand Teton National Park, the symposium provides a unique blend of professional discussion and natural beauty.
In addition, there is evidence that inflation has become more responsive to labor market tightness than was the case in recent decades.8 These changing dynamics may or may not persist, and this uncertainty underscores the need for agile policymaking. But we are attentive to signs that the economy may not be cooling as expected. So far this year, GDP (gross domestic product) growth has come in above expectations and above its longer-run trend, and recent readings on consumer spending have been especially robust. In addition, after decelerating sharply over the past 18 months, the housing sector is showing signs of picking back up.
While stocks held relatively steady during his speech, they turned lower as investors parsed his comments. The Jackson Hole Economic Symposium is an exclusive event that gathers central bankers, finance ministers, academics, and market experts from around the world. Known for in-depth discussions of economic what is mqtt and how does it work challenges and policy responses, the event can have significant implications for financial markets. The Federal Reserve Bank of Kansas City’s Economic Policy Symposium in Jackson Hole, Wyo., is one of the longest-standing central banking conferences in the world.
Today, I will begin by addressing the current economic situation and the path ahead for monetary policy. I will then turn to a discussion of economic events since the pandemic arrived, exploring why inflation rose to levels not seen in a generation, and why it has fallen so much while unemployment has remained low. How will tariffs impact the economy, inflation, interest rates, and financial markets? That assessment is further complicated by uncertainty about the duration of the lags with which monetary tightening affects economic activity and especially inflation. Since the symposium a year ago, the Committee has raised the policy rate by 300 basis points, including 100 basis points over the past seven months. The wide range of estimates of these lags suggests that there may be significant further drag in the pipeline.