All eyes now on Federal Reserve Chief Powell in Jackson Hole: Report
US Federal Reserve Board Chair Jerome Powell
It is late August, meaning that the annual conference of the Kansas City Fed, which will be attended by leading central bankers from all around the world is to take place in Jackson Hole. As usual, everyone is particularly interested in hearing what Federal Reserve Chair Jerome Powell, who is scheduled to speak Friday morning, might have to say.
The minutes of the July policy meeting held by the US central bank were recently released, and it was clear from the records that most Federal Reserve members at the time viewed a large upside risk to inflation, which may have necessitated even further tightening. On the other hand, two also backed maintaining current rates, the first significant indication of disagreement over the course of action in a long time.
Key data points since that meeting have demonstrated that price and wage pressures are continuing to diminish, which should support the argument for stopping rate hikes. Although consumer expenditure and labor-market activity indices have continued to show improvement, authorities may nonetheless be concerned about the likelihood of an ongoing decline in inflation.
A crucial question is how Powell might be considering those developments. In addition, any hints as to how the central bank might be formulating a strategy for rate decreases in 2024 will also be closely watched. Otherwise, participants will take interest in active discussions regarding “Structural Shifts in the Global Economy,” the retreat’s main theme this year.
(With inputs from agencies)
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