Why Jackson Hole Is the Fed’s Biggest Shindig
The New York Times
The Federal Reserve Bank of Kansas City’s annual conference in Wyoming gets a lot of buzz. Here’s why it matters for Wall Street and the economy.
Anyone who has flipped through newspapers or business television channels this week might have noticed two words on repeat: Jackson Hole.
They refer to the premier central banking conference of the year, which is held late each August at the Jackson Lake Lodge in Grand Teton National Park in Wyoming. This year’s conference kicks off Thursday and runs through Saturday.
To the uninitiated, it might seem weird that what is arguably the most important economic event in the world is held in remote Wyoming, two time zones away from the Federal Reserve’s Washington-based Board of Governors and 1,047 miles from its host, the Kansas City Fed. And the symposium itself is hardly your average conference. Loafers cede to cowboy boots. Attendees snack on huckleberry pastries (or swill huckleberry drinks) while discussing the latest economic papers.
But if Jackson Hole is a little bit incongruous, it is also unquestionably important, an invite-only gathering where paradigm-shaping research is presented and momentous policy shifts are announced. The event has long been an obsession on Wall Street.
This year will be no exception. Jerome H. Powell, the Fed chair, is scheduled to speak Friday morning, and markets are waiting anxiously to parse his remarks for even the slightest hint about how much the Fed might cut interest rates at its meeting next month — and how quickly central bankers will reduce borrowing costs after that.
Wondering how a monetary policy conference held at the tail end of August became such a big deal and why it has stayed that way? Curious whether this year’s Jackson Hole conference will matter for mortgage rates or job prospects?
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