Jerome Powell’s Big Speech at Jackson Hole Economic Policy Symposium
Federal Reserve Chair Jerome Powell will be giving an important speech at the Jackson Hole Economic Policy Symposium later today. This event is closely watched by markets around the world, as many expect the American central bank to lower policy repo rates in September.
The Jackson Hole Economic Policy Symposium is an annual meeting that plays a crucial role in shaping future monetary decisions in the US. This year, the event is even more significant because many Federal Reserve members have hinted at a policy rate cut in September.
In the latest meeting on July 30-31, 2024, the Federal Open Market Committee (FOMC) decided to keep the federal funds rate between 5.25% and 5.5%. The symposium, organized by the Federal Reserve Bank of Kansas City, is one of the oldest central banking conferences in the world. It brings together economists, financial market participants, academics, U.S. government representatives, and news media to discuss long-term economic policies.
This year’s theme is ‘Reassessing the Effectiveness and Transmission of Monetary Policy,’ and the event runs from August 22 to 24. Participants are chosen based on their expertise in different economic sectors, and the event is known for its open discussions that influence global policies.
The 2020 symposium was particularly influential, as central banks worldwide adopted accommodative policies to counter the economic shocks caused by the Covid-19 pandemic. As inflation surged post-pandemic, central banks took cues from the symposium’s discussions to respond effectively.
Powell’s remarks will be streamed on the Kansas City Fed’s YouTube channel on Friday, August 23. Papers and details of the discussions will be available on the Kansas City Fed’s website.
Doubts Revealed
Jerome Powell -: Jerome Powell is the head of the Federal Reserve, which is like the main bank of the United States that helps control the country’s money and economy.
Jackson Hole Economic Policy Symposium -: This is a big meeting where important people like economists and financial experts talk about money and economic policies. It happens every year in a place called Jackson Hole in the USA.
Federal Reserve -: The Federal Reserve, or Fed, is the main bank in the USA that helps manage the country’s money, interest rates, and overall economy.
policy rate cut -: A policy rate cut means lowering the interest rates, which can make borrowing money cheaper and help boost the economy.
economists -: Economists are people who study how money and resources are used and how they affect people and businesses.
financial experts -: Financial experts are people who know a lot about money, investments, and how to manage finances.
policymakers -: Policymakers are people who create rules and laws, especially about how money and resources should be used.
Monetary Policy -: Monetary policy is how a country’s main bank controls the supply of money and interest rates to help the economy.
Kansas City Fed -: The Kansas City Fed is one of the 12 regional banks in the Federal Reserve System in the USA. It helps manage money and economic policies in its region.
