Officials from the world's major central banks will come together at the Jackson Hole Economic Policy Symposium at a time when inflation concerns are gradually giving way to fears of recession in global markets.
The Jackson Hole Economic Policy Symposium, hosted by the Kansas City branch of the US Federal Reserve (Fed) since 1978, will be held this year on August 22-24.
Central bankers, economists, financial market participants, academics and government representatives will meet at a symposium in Jackson Hole, Wyoming, USA, to address long-term policy issues.
ATTENTION WILL BE ON POWELL
The theme of this year's symposium, which is considered the “Davos of central bankers”, will be “Reassessing the effectiveness and transmission of monetary policy”.
At a time when markets are focused on the interest rate reduction processes of central banks of developed countries after their struggle with high inflation and on concerns of recession in the US, the world's largest economy that has not yet started to reduce interest rates, the key point of the symposium will be the speech to be given by Fed Chairman Jerome Powell.
Although the Fed signaled a rate cut for September at its last meeting in July, Powell's statements will be followed carefully after the selling pressure experienced in the markets at the beginning of August due to some data, especially the unemployment rate, which has risen to its highest level in nearly 3 years in the country, reinforcing recession concerns.
After this week's US inflation data showed that price pressures were easing, it is now almost certain in money market sentiment that the Fed will cut interest rates in September, and Powell's messages in Jackson Hole will provide more clues about the bank's interest rate cuts.
KARAHAN WILL ALSO JOIN
Central Bank of the Republic of Turkey (CBRT) Governor Fatih Karahan will also attend the Jackson Hole Economic Policy Symposium and take his place among the central bank governors.
Jackson Hole Economic Policy Symposium participants are selected based on each year’s theme, taking into account diversity in region, background and industry, with the aim of encouraging open discussion, according to the Kansas City Fed’s website.
To encourage open discussion, which is critical to the success of the symposium, attendance at the event is limited.
In the symposium, where experts are asked to write articles on relevant sub-topics according to the selected topic each year, it is recorded that more than 150 authors have presented articles on topics such as inflation, labor markets and international trade to date.
The Jackson Hole Economic Policy Symposium, which aims to foster public debate and exchange of ideas, has brought together participants from 70 countries throughout its history to share different perspectives and experiences.