Finance:Jackson Hole Economic Symposium
The Federal Reserve's Jackson Hole Economic Symposium is a three-day annual international conference hosted by the Federal Reserve Bank of Kansas City at Jackson Hole in the United States attended by central bank leaders from around the world. Central bankers discuss world events and financial trends and the discussions at Jackson Hole are watched for economic news and specifically the likely direction of global interest rates. It has been described by The New York Times as "the world's most exclusive economic get-together".[1]
The event is held at vacation destination Jackson Lake Lodge in Grand Teton National Park, in Wyoming's Teton County.[2] It was held in a few different locations in the late 1970s, but Jackson Hole has been the location since 1981.[3] The conference was placed there partly because Paul Volcker, the then-Federal Reserve chairman, wanted to attend the great fly fishing in the area, which is held in late August. Among the regular attendees are top economists from the Federal Reserve Board, as well as other policymakers such as foreign central bank governors. Economic papers are published, and presentations are given.
The 1984 meeting focused on the causes of inflation.[3] The 2016 meeting focused on the effects of central bank balance sheets on financial stability.[3] The 2018 meeting focused on the effect of tech giants on the economy.[3] At the 2020 meeting, Fed chairman Jerome Powell announced a new policy for raising interest rates that was not simply based on joblessness or inflation expectations.[2]
During the COVID-19 pandemic the economic symposium was held virtually for 2020 and 2021. About 100-120 economists, central bankers, and journalists meet for the symposium.[4][5][6]
The 2022 meeting was the first in-person meeting since 2019. Despite acknowledging the risk of recession, the majority of central bankers expressed their determination to increase interest rates for the purpose of curbing inflation. Bank of Japan governor Haruhiko Kuroda was exceptional in expressing his need to continue reducing interest rates.[7]
See also
- Federal Reserve Banks
- 2021–2022 inflation surge
- 2022 food crises
- 2020s commodities boom
- List of highest-income counties in the United States
References
- ↑ Smialek, Jeanna (August 25, 2023). "How Jackson Hole Became an Economic Obsession". The New York Times. https://www.nytimes.com/2023/08/24/business/economy/jackson-hole-economic-conference.html.
- ↑ 2.0 2.1 Simonetti, Isabella (August 23, 2022). "Why Wall Street is so focused on a Fed conference in Wyoming". The New York Times. https://www.nytimes.com/2022/08/23/business/jackson-hole-federal-reserve.html. Retrieved August 26, 2022.
- ↑ 3.0 3.1 3.2 3.3 Kagan, Julia (January 27, 2021). "Jackson Hole Economic Symposium". Investopedia. https://www.investopedia.com/terms/j/jackson-hole-symposium.asp. Retrieved August 26, 2022.
- ↑ Kane, Logan (August 25, 2022). "The Fed at Jackson Hole: Why the Smart Money is Watching | Seeking Alpha". Seeking Alpha. https://seekingalpha.com/article/4536996-fed-jackson-hole-why-smart-money-is-watching.
- ↑ "A beginner's guide to the Fed's big conference in Jackson Hole". August 25, 2022. https://www.axios.com/2022/08/25/jackson-hole-fed-guide.
- ↑ "About the Jackson Hole Economic Policy Symposium". https://www.kansascityfed.org/research/jackson-hole-economic-symposium/about-jackson-hole-economic-symposium/.
- ↑ Saraiva, Catarina (August 27, 2022). "Top Central Bankers Deliver Hawkish Message at Jackson Hole". Bloomberg News. https://www.bloomberg.com/news/articles/2022-08-27/top-central-bankers-deliver-hawkish-message-at-jackson-hole. Retrieved August 27, 2022.
 |  |
