Jackson Hole conference begins, here’s what’s expected
The Federal Reserve Bank of Kansas City’s annual gathering in Jackson Hole, Wyoming gets underway with a dinner on Thursday evening. Here’s what to expect from the two-day conference featuring central bankers from around the world:
Federal Reserve Chair Jerome Powell leads the speaker line-up with a keynote speech on Friday at 10:05 a.m. New York time.
Investors will parse his highly anticipated speech for clues on the outlook for interest rates, which the Fed in July lifted to a range of 5.25% to 5.5%, the highest level in 22 years.
Pricing in futures markets reflect an expectation that policymakers will hold rates steady when they gather on Sept. 19-20, and they see about a one-in-three chance for a quarter-point hike in November.
Kansas City Fed President Jeffrey Schmid is hosting the conference just days after officially starting in his new role on Aug. 21. Schmid replaces Esther George, who retired in January.
While no regional bank presidents or members of the Fed’s board of governors are listed to speak on the main program schedule, all of them are set to attend, and several have media interviews scheduled for Friday.
Philadelphia Fed President Patrick Harker appears on Bloomberg Television at 11 a.m. eastern time Friday, and will also speak on Yahoo! Finance at 11:30 a.m. Cleveland chief Loretta Mester will appear on CNBC at 11:30 a.m. and on BTV at 2:30 p.m. Chicago’s Austan Goolsbee speaks on CNBC at 12:30 p.m. and on BTV at 2 p.m.
European Central Bank President Christine Lagarde’s 3 p.m. speech will be her first major remarks since officials raised interest rates on July 27 but left future decisions dependent on fresh data. With economic prospects worsening, investors will listen closely for any clues on
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