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- The Federal Reserve’s annual economic symposium will take place in Jackson Hole, Wyoming this week, starting on Thursday and going through Saturday.
- Here’s everything you need to know about the meeting.
- Read more on Markets Insider.
Jackson Hole, Wyoming is gearing up for a busy week.
Amid market turmoil, escalating trade tensions, the threat of a global currency war, and slowing global growth, a group of central bankers will meet in Jackson Hole for the 2019 Economic Symposium hosted by the Kansas City Federal Reserve.
The meeting is the first time that investors, economists, citizens, and even the President of the United States will hear Federal Reserve Chairman Jerome Powell speak since the July FOMC meeting, where he delivered the first interest rate cut since the Great Recession.
This is a big deal because, after that speech, — where Powell called the rate cut a "mid-cycle adjustment" and not the start of a prolonged easing cycle — things didn’t go so well. The stock market plummeted, and the President tweeted his disapproval — a sentiment he’s only escalated on Twitter since.
Here’s everything you need to know about the Jackson Hole summit:
Who is going to be there?
(AP Photo/Carolyn Kaster)
The symposium hosts about 120 attendees each year, according to the Kansas City Fed. The attendees include central bankers, Federal Reserve system members, economists, financial organizations, academics, US government representatives, and members of the press.
While that sounds like a big group, the Kansas City Fed says that it limits attendance so as to "help foster open discussion that has been so critical to the symposium’s success."
In 2019, as in most years, all eyes will be on the Fed chair — in this case, Jerome Powell. Other members of the Federal Open Market Committee will also be in attendance, including Esther George, president of the Kansas City Fed, one of the dissenting votes against a rate cut.
Eric Rosengren, the president of the Federal Reserve Bank of Boston and another dissenting vote, will be there as well.
John Williams of New York, Charles Evans of Chicago, Patrick Harker of Philadelphia, Robert Kaplan of Dallas, Neel Kashkari of Minneapolis, and Loretta Mester of Cleveland will like ley be in attendance.
Board of Governor members Michelle Bowman, Lael Brainard, Richard Clarida, and Randal Quarles will be there as well.
What is the event?
AP Images
The 2019 Economic Symposium. The Federal Reserve Bank of Kansas City has hosted this symposium in Jackson Hole, Wyoming, every year since 1978 — 40 years total. This year, the symposium is titled "Challenges for Monetary Policy."
In a press release, the Kansas City Fed wrote that "the event is known as one of the longest-standing central banking conferences, bringing together economists, financial market participants, academics, U.S. government representatives, and news media to discuss key long-term policy issues of mutual concern."
When is this happening?
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The symposium starts this Thursday, August 22, and goes through Saturday, August 24. Federal Reserve Chairman Jerome Powell will speak on Friday, August 23.
The annual meeting is in between the Federal Reserve’s July meeting and its September meeting. It is also right after FOMC meeting minutes for July and August, which were released on Wednesday, August 21. The meeting minutes were largely mixed but clear on one thing – the rate cut in July was not the beginning of a cutting cycle.
See the rest of the story at Business Insider
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Source: Business Insider – feedback@businessinsider.com (Carmen Reinicke)