Jackson Hole

What is this thing? The Federal Reserve Bank of Kansas City has hosted its annual economic symposium in a lodge in Grand Teton National Park since 1982. It's a ...

["Cities of the future," built from scratch](/2022/08/25/city-of-the-future-neom-telosa-lore-mbs) According to the Israeli officials, the U.S. [ inflation slowdown](https://www.axios.com/2022/08/19/inflation-slowdown-signs-supply-chain) and lower gas prices also are big factors. It's cool to be in the room when history happens. She has led the bank, and the symposium, for 11 years. This year, it is "Reassessing Constraints on the Economy and Policy." After the visit, that anxiety has been reduced, three Israeli officials say. ["Guided by the Stars" speech](https://www.federalreserve.gov/newsevents/speech/powell20180824a.htm)has been perhaps his most memorable as chair. - Behind closed doors at the symposium itself, things are considerably more intimate than at many economic conferences. The Federal Reserve Bank of Kansas City has hosted its annual economic symposium in a lodge in Grand Teton National Park since 1982. It's a gathering of central bankers from around the world, academics, other influential economic thinkers, policymakers and journalists. The financial headlines right now are dominated by talk of Jackson Hole, shorthand for an annual gathering of central bankers in Wyoming that inevitably makes big-time economic news.

Editor's note: Morning Money is a free version of POLITICO Pro Financial Services morning newsletter, which is delivered to our subscribers each morning at ...

[long Covid cases might be affecting](https://www.politico.com/newsletters/morning-money/2022/08/09/the-long-reach-of-long-covid-00050453) head-scratching labor data in the past. “I had a lot of voters in the district saying ‘I'm so scared about how you earn your money,’” she said in an interview on Wednesday afternoon. Digital assets played a big role in propping up Bond’s campaign, which was supported by a network of super PACs that were seeded – both directly and indirectly – by her boyfriend Ryan Salame, a top executive at the Sam Bankman-Fried’s crypto exchange FTX. Carolyn Maloney‘s top spot](https://www.politico.com/news/2022/08/24/carolyn-maloney-loss-dems-investigative-panel-00053553) on the influential House Oversight Committee, less than 24 hours after her primary loss to Rep. Ted Cruz – as well as a 2:1 cash advantage, some of which was self-funded – Bond secured just 27 percent of the vote in a loss to former Suffolk County Board of Elections Commissioner Nick LaLota. “This may sound unbelievably high, but it is not inconsistent with the experiences of comparable economies,” [Bach wrote](https://www.brookings.edu/research/new-data-shows-long-covid-is-keeping-as-many-as-4-million-people-out-of-work/). It is, according to the National Energy Assistance Directors Association (Neada), the worst crisis the group has ever documented.” BLACK UNEMPLOYMENT — NYT’s Talmon Joseph Smith and Ben Casselman: “Black Americans have been hired much more rapidly in the wake of the pandemic shutdowns than after previous recessions. “The data is not suggesting anything like a recession.” Work cut out for him: “Now, as he returns to Jackson Hole in Wyoming, Powell needs to convince markets he means business when he addresses the landmark conference of economists on Friday. As chairman, Powell has taken a good chunk of the blame. “But many investors think the Fed might blink before then and are already expecting the central bank to begin lowering borrowing costs later next year as a possible recession looms.

The S&P 500 and the Nasdaq rose on Thursday on support from growth and semiconductor stocks, while investors eyed the Federal Reserve's Jackson Hole ...

[read more](/business/salesforce-cuts-annual-revenue-forecast-2022-08-24/) [read more](/business/finance/citigroup-wind-down-russian-consumer-operations-wsj-2022-08-25/) [(NVDA.O)](https://www.reuters.com/companies/NVDA.O) rose 3.0% even as it forecast a sharp drop in revenue for the current quarter on the back of a weaker gaming industry. [(TSLA.O)](https://www.reuters.com/companies/TSLA.O) slid 1.0% after its 3-for-1 stock split came into effect. [read more](/markets/us/biden-sign-order-52-billion-chips-law-implementation-2022-08-25/) [read more](/technology/nvidia-predicts-third-quarter-sales-below-expectations-2022-08-24/) [read more](/markets/us/treasury-market-faces-liquidity-risks-fed-pares-balance-sheet-2022-05-31/) [read more](/business/autos-transportation/tesla-shares-limelight-3-1-stock-split-kicks-2022-08-25/) [read more](/markets/us/fed-officials-say-no-call-yet-50-vs-75-bps-rate-hike-september-2022-08-25/) 20-21 meeting, but reiterated the view that rates will rise and stay high until inflation has been squeezed. [read more](/markets/us/revision-shows-mild-us-economic-contraction-second-quarter-2022-08-25/) economy contracted at a more moderate pace than initially thought in the second quarter, dispelling some fears that a recession was underway.

"One thing that you can say about the Jackson Hole symposium," Alan Greenspan, chairman of the US Federal reserve for five terms, once said, "is that we all put ...

There are some key words to watch for in Fed Chair Jerome Powell's speech: "data," "inflation" and "unemployment" are among them.

For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you. “In other words, if inflation comes down to 3% and the unemployment rate starts drifting up, does the Federal Reserve relent?” Powell likes to say the Fed’s next moves depend on the data — things like the unemployment rate and inflation. It depends on the data after all, and we’re going to get new unemployment and inflation numbers before then. Chris Campbell, chief policy strategist at the global risk consultancy Kroll, will be listening for the “soft landing” phrase. Investors are expecting the Fed to slow the pace of interest rate hikes or even start cutting rates next year. Fed observers will be glued to the action at Jackson Hole. It gives you hints and subtle clues, dropping words from statements or changing the adjectives used to describe the economy. [Federal Reserve Chair Jerome Powell](https://www.federalreserve.gov/aboutthefed/bios/board/powell.htm) is scheduled to speak at the Fed’s [Jackson Hole Economic Symposium](https://www.kansascityfed.org/research/jackson-hole-economic-symposium/) on Friday, Aug. It’s trying to raise interest rates just enough to cool down the economy, without causing a recession. This year’s symposium comes at a tricky time for the Fed. Jackson Hole is a gathering of top central bankers from the U.S.

History shows the hype around remarks at the annual Federal Reserve symposium is usually overdone. Economic data holds the real keys to the market's future.

But the last thing he wants is to engineer a crash, and he’ll err on the side of delivering a tepid nothingburger if that’s what he thinks it takes. Economic data on growth, inflation and jobs will prove to be the real catalysts through the end of the year. It’s still not clear how the Fed will react if inflation gets bogged down next year in the 3% to 5% range and the economy is slipping into a serious recession. The most ferocious of the selloffs was the 2.6% single-day drop in 2019, but it wasn’t actually Powell’s speech that did the damage. But it was also woefully incorrect in its diagnosis of the problem, and Powell ended up paying for his initial reluctance to react. The level of hype heading into the annual central banking symposium in Jackson Hole, Wyoming, is even more intense than usual, and it’s easy to understand why.

The VIX's modest bounce recently may have further to run given the uncertainty around Federal Reserve Chairman Powell's Jackson Hole speech on Friday.

History shows the hype around remarks at the annual Federal Reserve symposium is usually overdone. Economic data holds the real keys to the market's future.

In the past decade, the S&P 500 Index has lost 0.2% on average on the day of the marquee Fed speech (usually the chair’s address). The US is battling the worst inflation in four decades, and investors are eager to sniff out clues about the Federal Reserve’s next moves. The level of hype heading into the annual central banking symposium in Jackson Hole, Wyoming, is even more intense than usual, and it’s easy to understand why.

The central issue at this year's Jackson Hole Economic Symposium will be one that hits close to home for thousands of local workers.

And that means they may not get to enjoy the mountain life that they moved out here for.” “I thought I could always find something in a month. Her children range in age from 10 to 18 years, and, Badillo said, “it’s impossible to keep them in the same shoes for a long time.” “I lived in New York City for 30 years, and moved around from apartment to apartment. And I don’t have to worry that the owner is going to sell the house, or about where we’re going move. They started looking last year, and it quickly became clear they couldn’t afford to buy a home in town. When Badillo applied to build and own a Habitat for Humanity home in 2017, she was nervous her paperwork wouldn’t even be considered. Her three-bedroom, two-bathroom townhouse is a far cry from the hotel room where she and her four children once lived when they had no where else to go. Montiel, 22, pays $950 a month for the trailer that’s home to his family, including his wife and 2½-year-old daughter in Afton, Wyo., some 70 miles away. And that’s for a one bedroom.”— Jesus Montiel “As somebody who wants to make this their home and be here over the long term, it was really hard to ride that wave.” And that’s for a one bedroom.”

At midday, the Dow Jones Industrial Average was up 0.2% to 33015, the S&P 500 was up by 0.6% at 4166, while the Nasdaq Composite was up by...

Investors have been bracing for a reiteration of the Fed’s hawkish tone in continuing to raise rates to combat rampant inflation. On Wednesday, the Dow rose 0.2%, the S&P 500 added 0.3%, and the tech-heavy Nasdaq Composite gained 0.4%. Investors remain cautious, however, ahead of the start today of the Federal Reserve's Jackson Hole economic symposium, with Fed chair Jerome Powell scheduled to give the keynote address on Friday morning. Following the last reading, the release could give further substance as to whether there is any additional evidence of inflation nearing or indeed hitting a peak." “We have argued over the past two months that the claims numbers can’t be trusted in July because the seasonals can’t cope with the shifting timing and extent of the annual automakers’ retooling shutdowns,” he said. Ultimately, markets await the views of one man, with Jerome Powell due to appear in Wyoming tomorrow to bring clarity over how he sees the Fed policy reacting to the economic crisis. Ulta Beauty, Workday and Affirm Holdings will release results after markets close. Meanwhile, The S&P gained 1.4% to close at 4,199 and the Nasdaq advanced 1.7%, finishing at 12,639. Even so, the major averages are on pace for a losing week. “That outlook is echoed by markets, with the CME Fedwatch pricing a 44% of a 50 bp move, and 56% chance of an oversized 75 bp hike. "However," he added, "the highlight of the week for investors is the Jackson Hole symposium and in particular the latest comments from Fed Chairman Powell when he speaks on Friday. At midday, the Dow Jones Industrial Average was up 0.2% to 33,015, the S&P 500 was up by 0.6% at 4,166, while the Nasdaq Composite was up by 0.9% at 12,536.

Climate activists approached Federal Reserve Chair Jerome Powell on the sidelines of the annual Jackson Hole central banking conference in Wyoming to press ...

regulators to research potential vulnerabilities in the banking sector and the larger financial system. But it has largely ruled out a more aggressive role in driving investment toward green energy, as the ECB has begun to do, and as activists would like. Activists and some Democrats feel such a stance should at least be under consideration. Peers like the Bank of England and European Central Bank perform annual climate stress tests on the banks in their jurisdictions. central bank instead has focused on understanding the risks climate change and the transition away from fossil fuels pose to the economy. It was the last major central bank, for instance, to join the Network for Greening the Financial System.

JACKSON HOLE, Wyoming (AP) — When officials of the Federal Reserve Bank of Kansas City sought a location for an annual economic symposium in 1981, ...

In the meantime, Jared Baeker, executive director of the Jackson-based Snake River Fund, pointed out that it’s unusual for the lake to become so low by August. Chair Jerome Powell and the rest of the Fed are embroiled in a public debate over just how far the central bank should go to take account of climate issues in its policymaking. Some such groups, including the Sunrise Movement and 350.org, are holding protests near the lodge and have called on the Fed to stop supporting the fossil fuel industry. It is just one example of how the consequences of climate change are now in plain view to Fed officials during their annual summer symposium in Jackson Hole. Now, though, warmer waters in Jackson Lake and the Snake River it empties into have led the Park Service to urge anglers to restrict their fishing to the morning hours. The ploy worked, and the Fed has held a conference there in late August ever since.

Powell's remarks will be scrutinised by Wall Street traders and economists and could potentially cause sharp swings in financial markets.

The county is trying multiple approaches to address the shortage of affordable housing. Jackson, a town of about 25,000 people year-round, still retains its aura as an old Western town, with its archways made from elk antlers around the town square. (Jackson Hole is the name of the broader valley.) “You have the ultra-wealthy with their massive houses. The Fed is trying to slow the economy just enough to cool inflation without causing a recession — a notoriously delicate task. Just across the street, The Glenwood, a collection of townhomes that will sell for millions, is nearing completion.

The Federal Reserve Bank of Kansas City's annual gathering in Jackson Hole, Wyoming gets underway with a dinner on Thursday evening. Here's what to expect ...

Investors are braced for a hawkish speech from Federal Reserve Chairman Jerome Powell at the annual economic policy conference in Jackson Hole, Wyo.

But there are a few reasons to bet that Powell will wind up sounding relatively dovish. While the latest consumer-price index slipped in July to an annual rate of 8.5% from 9.1% a month earlier, Eastern time Friday, he will no doubt reiterate the central bank’s commitment to fighting inflation.

Age may or may not bring wisdom. But those of us who were active during the geopolitical nightmare of the 1970s can perhaps use this experience to help ...

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When officials of the Federal Reserve Bank of Kansas City sought a location for an annual economic symposium in 1981, they chose Jackson Hole, Wyo., for a ...

The symposium further got a boost when in 1989 the then Fed Chair [Alan Greenspan](/topic/alan-greenspan)made a speech at the conference. For the next three days, the mountain valley of Wyoming would host over a hundred economists, financial experts, investors, [Fed chair](/topic/fed-chair) [Jerome Powell](/topic/jerome-powell), among others for the annual symposium. Jackson Hole is an annual three-day symposium in the mountain valley of Wyoming, US.

European markets are set to nudge higher on Friday as global attention turns to Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole ...

Inflation concerns are back in force amid a pullback in stocks. A sharp sell-off in chip stocks in this year has offered investors an opportunity to buy the dip. 1, its price cap will soar by 80% to £3,549 ($4,189.64) per year from its current level of £1,971, as a result of a continued rise in wholesale gas prices. [can read the story here](https://www.cnbc.com/2022/08/26/fund-manager-2-stocks-to-navigate-higher-for-longer-inflation.html). Ofgem CEO Jonathan Brearley told BBC Radio on Friday that the U.K.'s next prime minister, who will be announced on Sept. He revealed why and named 2 chip stocks he would rather buy. [can read the story here.](https://www.cnbc.com/2022/08/26/tech-investor-paul-meeks-chip-stock-he-wouldnt-buy-even-on-the-dip.html) "While the latest data on U.S. energy regular Ofgem on Friday announced that from Oct. Powell is due to speak at 3 p.m. [ deepening cost of living crisis](https://www.cnbc.com/2022/08/19/energy-bills-are-squeezing-businesses-and-people-as-uk-costs-soar.html) and the U.K. [many analysts expect the chairman to adopt a hawkish tone](https://www.cnbc.com/2022/08/25/powell-isnt-likely-to-tell-investors-what-they-want-to-hear-friday.html) and reiterate the Fed's commitment to dragging inflation back toward target.

If "raise and hold" sounds like a poker strategy, that may in fact sum up the all-in approach to fighting inflation that Federal Reserve Chair Jerome Powell ...

As it became apparent the economy needed more support, the central bank rolled out a new bond-buying program and other initiatives, efforts that were replicated and expanded to fight the recession triggered by the pandemic in 2020. "They will have reset the monetary policy table back to an era where risks are two-sided on both output and inflation ... Corporations and households, meanwhile, are on the whole less debt-burdened. The pain of a modest recession would be severe for those who lose their jobs. But it would be an epochal moment for the Fed. "The labor market is very tight ... The U.S. central bank's benchmark overnight interest rate would not just keep rising but remain at a high level until inflation returned to the Fed's 2% target. But if the current approach succeeds, the Fed may be about to turn the page on the era of "unconventional" monetary policy and return to something more akin to the approach seen in the 1990s and early 2000s. Controlling the growth in price pressures remains their prime focus. As debate raged in recent weeks about whether the U.S. "Some weakening is to be expected" in the economy, he continued, and "it's going to be really important that we resist the temptation to be too reactionary, and really make sure that we get inflation well on its way to 2% before we take any steps to increase accommodation in our policy stance."

JACKSON HOLE, Wyoming (AP) — When Federal Reserve Chair Jerome Powell delivers what will be his most closely scrutinized speech of the year Friday, ...

“This isn’t the time to roll out a big framework,” said Vincent Reinhart, chief economist at Dreyfus and Mellon and a former Fed staffer. Such “supply shocks” pose a particular challenge to the Fed because its policy tools involve raising or lowering rates to spur or slow demand. Those remarks helped ignite a stock-market rally because many investors interpreted them to mean the Fed would be less aggressive in the coming months. If inflation were to fall closer to the Fed's 2% target and the economy weakened further, those diverging views could become hard to reconcile. Still, some officials said there was a risk that the Fed would raise borrowing costs more than necessary, risking a recession. If rates reached their projected level at the end of this year, they would be at the highest point since 2008. Yet employers are still hiring rapidly, and the number of people seeking unemployment aid, a measure of layoffs, remains relatively low. Since March, the Fed has implemented its fastest pace of rate increases in decades to combat inflation, which has punished households with soaring costs for food, gas, rent and other necessities. What would the Fed do if unemployment, now at a half-century low, began rising? They also hope to learn more about what factors the policymakers will consider in the coming months to decide when borrowing rates have gone high enough. He also said the Fed's aggressive steps had raised its key short-term rate to a point at which it is neither stimulating nor slowing growth. The Fed's rate hikes may well defeat inflation in time.

In 1982, the Kansas City Federal Reserve was looking to make their annual economic symposium into a big event by inviting Fed chairman Paul Volcker. The ...

The first night of the opening dinner in 1982, Volcker and a friend arrived late and “still in their fishing gear,” Hoenig [recently told](https://www.marketplace.org/2022/08/24/the-lure-of-fishing-a-federal-reserve-chair-and-jackson-hole/) Marketplace. In 1982, the Kansas City Federal Reserve was looking to make their annual economic symposium into a big event by inviting Fed chairman Paul Volcker. “Powell may more clearly acknowledge the potential for ‘some pain’ as a result of the Fed’s efforts to restore price stability,” the firm warns, also highlighting “rising recession risk” going into next year. Without August consumer price data in hand, however, Powell is unlikely to signal any “strong preference for policy action at the September meeting,” Nomura analysts predict. [Fed Officials Pledge More Big Rate Hikes Until There Is A ‘Meaningful’ Decline In Inflation](https://www.forbes.com/sites/sergeiklebnikov/2022/08/17/fed-officials-pledge-more-big-rate-hikes-until-there-is-a-meaningful-decline-in-inflation/) (Forbes) [Bank Of America Warns Of ‘Textbook’ Bear Market Rally, Predicting New Lows For Stocks](https://www.forbes.com/sites/sergeiklebnikov/2022/08/19/bank-of-america-warns-of-textbook-bear-market-rally-predicting-new-lows-for-stocks/) (Forbes) [Dow Falls Over 600 Points As Experts Warn Bear Market Rally Is ‘Grinding To A Halt’](https://www.forbes.com/sites/sergeiklebnikov/2022/08/22/dow-falls-400-points-as-experts-warn-bear-market-rally-is-grinding-to-a-halt/) (Forbes) [Here’s Why More Fed Officials Are Warning That The Market Is Getting Ahead Of Itself](https://www.forbes.com/sites/sergeiklebnikov/2022/08/02/heres-why-more-fed-officials-are-warning-that-the-market-is-getting-ahead-of-itself/) (Forbes) Investors are in particular hoping for more clues on the magnitude of the Federal Reserve’s next rate hike at its upcoming policy meeting in September.