Fed Watch

Special Edition: Everything You Need to Know About Jackson Hole

The Jackson Hole Symposium has become one of the pre-eminent events for central bankers, policymakers, and economists. The Federal Reserve Bank of Kansas City hosts the event every year. Each year has a different theme. This year’s theme was “Reassessing Constraints on the Economy and Policy. The agenda for the event can be found here. The event was first held in 1982 in the period immediately after Volcker’s controversial actions to break the back of inflation. Then Kansas City Fed President Roger Guffey shrewdly put the event in Jackson Hole to entice Chairman Paul Volcker’s attendance. Volcker was a flyfishing enthusiast and Wyoming is a great place for that activity. Hence, one of the world’s most important events for central bankers and economists was inaugurated. The first theme of the symposium was “Monetary Policy Issues in the 1980s.”

Federal Reserve Chairman Jay Powell made his much-anticipated keynote speech at the Fed’s annual Jackson Hole symposium. While fixed income markets were largely positioned in anticipation of a hawkish message, equity markets retreated significantly, with the losses being the worst in high P/E equities. Powell had an abbreviated speech and there was very little for the doves to hang on to. Most of the commentary from Fed ...

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