The question facing Fed Chair Jay Powell and his colleagues as they gather this week for their annual Jackson Hole symposium is not whether they will cut...
Federal Reserve Chair Jerome Powell and his central bank colleagues face a very different dilemma than a year ago as they gather later this week for their annual annual economic symposium in Jackson Hole , Wyo.
figured the best way to ensure then-Fed Chairman Paul Volcker would accept an invitation was to locate the event somewhere with good fly-fishing in late August. after vowing in a shorter-than-typical speech to do what it takes to get inflation back to the central bank’s 2% targetLast August Powell was once again adamant that the Fed was "prepared to raise rates further" as he pledged to bring down inflation one way or another.
The Fed has a dual mandate to maintain price stability and maximum employment. The latter is growing in importance as unemployment ticks higher, putting more pressure on the Fed to act. In July, the US unemployment rateLuke Tilley, chief economist for Wilmington Trust, expects Powell to discuss the natural interest rate, meaning the rate at which monetary policy is neither stimulating or restricting economic growth.
"I would expect him to take the topic and then step back and broaden the lens," George said. "What I would be listening for in this speech is what do you think the last four years have told us about inflation dynamics about labor markets?" Fed watchers may have to wait beyond this week for more confirmation of what may happen in September. Of particular importance will be a jobs report for August released on Sept. 6.
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