Jackson Hole, Wyoming is one of the most popular ski destinations in the U.S. but the 48-mile-long valley is drawing a lot of attention lately for reasons that have nothing to do with hitting the slopes.
Later this week top economists from across the country including Federal Reserve Chairman Jerome Powell will gather in Jackson Hole for an annual economic policy symposium hosted by the Kansas City Federal Reserve. This will be the first in-person conference since the pandemic.
The meeting comes as inflation appears to have peaked and all the jobs lost during the pandemic have been fully recovered. But layoffs and fears that the U.S. is in a recession or nearing one continue to grow.
Christmas preview: Here’s how inflation could affect holiday shopping.
That puts the Fed between a rock and a hard place. If the central bank starts to ease up on hiking interest rates it could lose its grip on inflation. But if it continues to aggressively raise rates, it could unintentionally put the U.S. in a recession and lead to widespread job losses.
The Fed has about a month to make that decision. In the meantime, investors anxiously await the Jackson Hole conference which could provide clues on the Fed’s next rate hike decision.
Here’s a guide on the history of the conference and what to expect this week.
What is the Jackson Hole symposium?
The Kansas City Federal Reserve has hosted an annual symposium attended by central bankers, policymakers, academics, and economists from across the world for 45 years. The first symposiums took place in Kansas City, Missouri, Vail, and Denver, Colorado, and focused on agricultural economic issues. The conference was permanently moved in 1982 to Jackson Hole.
Each year the Kansas City Fed, which represents Americans from Wyoming, Nebraska, Colorado, Kansas, Oklahoma, and parts of Missouri and New Mexico, selects a theme based on the most pressing economic issues. The regional bank selects and invites speakers to present research findings that deal with the conference’s theme. The multi-day event also features a keynote address from the Fed Chairman.
Tailgating costs: They’re up ‘substantially’ this year as travel, food costs are hit by inflation
‘Quiet quitting’ trend: It may lead to layoffs, and complicate the Fed’s inflation fight
This year’s theme is “Reassessing Constraints on the Economy and Policy.” That includes supply chain bottlenecks, shortages, and the Fed’s low-interest rate policy during much of the pandemic, according to an announcement the Kansas City Fed published ahead of the conference.
When is the Jackson Hole Fed meeting?
The meeting starts on Thursday and ends on Saturday.
When is Jerome Powell’s speech and what will he say?
Powell is set to deliver his highly anticipated speech on Friday,at 10 a.m. est. You can live stream the speech here.
“We do not