Jackson Hole: When and where to watch US Fed chair Jerome Powell’s speech? | Mint

The much-awaited Jackson Hole annual symposium kicked off on Thursday, August 22, at Wyoming in the United States of America (USA), with central bankers worldwide assembled to attend the globe’s premier economic gathering. US Federal Reserve Chairman Jerome Powell will address the symposium on Friday, August 23, the marquee event for financial markets worldwide.

Investors hope Fed chair Powell will clarify whether he feels inflation has cooled enough to justify an interest rate cut next month and if he worries about a rising unemployment rate. Wall Street experts believe Powell will shift focus to labor market trends as inflation has cooled consistently in the last few months.

Also Read: Jackson Hole: US Fed chair Jerome Powell to shift focus on labour vs inflation, signal rate cut trajectory for 2024
 

Where is Jackson Hole?

Jackson Hole is located northwest of the US State of Wyoming, near the border with Idaho in Teton County. It refers to the valley between the Teton and Gros Ventre mountain ranges. Grand Teton National Park primarily occupies the northern part of Jackson Hole. 

Kansas City Federal Reserve’s annual symposium is held at Jackson Lake Lodge in Grand Teton National Park. It is an annual conference or gathering of global central bankers and economists in the Wyoming mountains. 
 

Jackson Hole 2024: Details of events

The 2024 Economic Policy Symposium, “Reassessing the Effectiveness and Transmission of Monetary Policy,” will be held between August 22-24.

The program begins on August 22 with a dinner served beneath antler-decorated lights at the historic Jackson Lake Lodge. Attendees entering the private dining room pass by a preserved grizzly bear in the lodge’s public lounge, which boasts an expansive view of the craggy Teton Range.

Also Read: US Federal Reserve ‘must go big with 50 bps interest rate cut in September’ or risk recession: Experts

The conference goes until midday on Saturday and largely consists of discussions of academic papers. This year’s theme is “reassessing the effectiveness and transmission of monetary policy.” 

The Jackson Hole event draws keen investor attention and sometimes delivers a rough ride for markets, depending on what the world’s most influential monetary policymakers say in formal remarks and interviews on the sidelines.
 

Jackson Hole: When to watch US Fed chair Jerome Powell’s speech?

US Fed chair Powell will address a group of central bankers at the event hosted by the Fed’s Kansas City branch at 10 a.m. Eastern Daylight Time (EST), which means 7:30 pm Indian Standard Time (IST) on Friday, August 23.
 

Jackson Hole: Where to watch US Fed chair Jerome Powell’s speech?

Viewers can catch live updates of Fed chair Powell’s speech at Jackson Hole on livemint.com;  Alternatively, one can visit the US Federal Reserve’s official website -https://www.federalreserve.gov/; and the official account of the US Fed on the microblogging platform ‘X’–https://x.com/federalreserve to watch Powell’s speech on Friday, August 23 at 7:30 pm IST or 10:00 am EST.

Also Read: Jackson Hole: Will Fed Chair Jerome Powell signal rate cuts? How may it impact the Indian stock market? Experts weigh in
 

What to expect from Powell’s speech at Jackson Hole?

Powell is widely expected to hint at a potential rate cut in September while addressing policymakers at Jackson Hole. Given the recent economic indicators, experts say there’s a strong possibility that Powell might signal a 25 bps or even a 50 bps rate cut next month.

Some Fed officials said a half-point Fed rate cut in September would become more likely if there were signs of a further slowdown in hiring. The next jobs report will be issued on September 6. In the last policy decision, Powell said if US inflation continues to fall, “a reduction in our policy rate could be on the table” when the Fed next meets in September.
 

Jackson Hole event: Historical relevance

The Kansas City Fed has held its yearly symposium since 1978. Its initial focus was agriculture, but after a few years, the organizers broadened the meeting’s scope and tried attracting bigger names. In 1982, they moved the meeting to its current location to entice then-Fed Chair Paul Volcker, a devotee of flyfishing, to join. 

It worked—Volcker showed up to the opening dinner still in his fishing gear, opening a new tab. Alan Greenspan, who led the Fed from 1987 to early 2006, began in 1991 what is now the annual symposium’s hallmark – an address by the leader of the world’s most influential central bank.