JACKSON HOLE, WYO – The Federal Reserve Bank of Kansas City will host dozens of central bankers, policymakers, academics and economists from around the world at its annual economic policy symposium in Jackson Hole, Aug. 22-24… and the timing couldn’t be more crucial.
President Donald Trump’s relationship with the Federal Reserve has been shaky at best. Trump has been critical of interest rate hikes that he perceived a threat to a robust economy during the president’s administration. Trump has also recently called for interest rates to be cut, something the may be in the works as early as next month, according to many analysts. At any rate, it is unlikely the Federal Reserve will hike rates any further.
Speculating on exactly what will happen in the near future has been cause for a bumpy ride on Wall Street this week as trading continues to be brisk with stock prices wavering between small gains and losses. All ears will be on Fed Chairman Jerome Powell who may tip his hand at tomorrow morning’s opening address to symposium-goers in Grand Teton National Park.
The Friday morning speech is typically reserved for the Reserve, and in year’s past has often served as a window into upcoming policy change. Last year, Powell made no substantive disclosures during his Friday morning address on August 24, 2018, but the market soared 120 points anyway, finishing the day at a record high for the S&P at the time.
The annual retreat for the banking industry worldwide has been held in Jackson Hole since 1981.
