(C) Common Dreams
This story was originally published by Common Dreams and is unaltered.
. . . . . . . . . .
How Jackson Hole Became an Economic Obsession [1]
['Jeanna Smialek']
Date: 2023-08-24
Filmmakers have Cannes. Billionaires have Davos. Economists? They have Jackson Hole.
The world’s most exclusive economic get-together takes place this week in the valley at the base of the Teton mountains, in a lodge that is a scenic 34 miles from Jackson, Wyo.
Here, in a western-chic hotel that was donated to the national park that surrounds it by a member of the Rockefeller family, about 120 economists descend late each August to discuss a set of curated papers centered on a policy-relevant theme. Top officials from around the world can often be found gazing out the lobby’s floor-to-ceiling windows — likely hoping for a moose sighting — or debating the merits of a given inflation model over huckleberry cocktails.
This shindig, while a nerdy one, has become a key focus of Wall Street investors, academics and the press. The conference’s host, the Federal Reserve Bank of Kansas City, seems to know a thing or two about the laws of supply and demand: It invites way fewer people than would like to attend, which only serves to bid up its prestige. But even more critically, Jackson Hole tends to generate big news.
The most hotly anticipated event is a speech by the Fed chair that typically takes place on Friday morning and is often used as a chance for the central bank to send a signal about policy. Jerome H. Powell, the current Fed head, has made headlines with each and every one of his Jackson Hole speeches, which has investors waiting anxiously for this year’s. It is the only part of the closed-door conference that is broadcast to the public.
[END]
---
[1] Url:
https://www.nytimes.com/2023/08/24/business/economy/jackson-hole-economic-conference.html
Published and (C) by Common Dreams
Content appears here under this condition or license: Creative Commons CC BY-NC-ND 3.0..
via Magical.Fish Gopher News Feeds:
gopher://magical.fish/1/feeds/news/commondreams/