This Senior executives of the world’s leading central banks They will kick off their annual informal meeting this Thursday in Jackson Hole, Wyoming. It is not a summit where decisions are taken, but it serves to inform. Clues to the market and society on the foreseeable future of monetary policy. All eyes are on the messages from the Federal Reserve and the European Central Bank (ECB) regarding the future of official interest rates.
The Kansas City Federal Reserve, one of the 12 central banks that make up the United States Federal Reserve, has been holding the ‘Economic Policy Symposium’ since 1978, always at the end of August. It has been held in a facility located in Jackson Hole since 1982.A valley surrounded by the Rocky Mountains that is part of Grand Teton National Park (Wyoming). Some sources claim that this position was due to the fact that Kansas City Federal Reserve Chairman Roger Guffey wanted to hire national Federal Reserve Chairman Paul Volcker, who was a big fan of fly fishing and is common in the United States. Jackson Hole area. It was successful, and it has since been common for the Federal Reserve chair to be the keynote speaker at conferences.
This is a Three-day informal meeting attended by approximately 120 guests Discussing macroeconomic issues with a long-term focus. Economists, financial market managers, academics, senior US officials and journalists attend the meeting. In any case, the main protagonists are central bankers, who often give clues about the future of monetary policy in their geographic area. Initially only US monetary authorities were involved, but over the years central bankers from other countries (currently about 40) were included. For example, it is common for a senior representative of the European Central Bank (ECB) to participate, in most cases in the form of chairman. This is the largest annual meeting of central bankers in the world. The ECB is holding a similar meeting in Sintra (Portugal) at the end of June.
The Kansas City Federal Reserve announced on its website that although the hotel where the conferences are held is a resort, it does not have a spa, gym or similar facilities. This also indicates that the organization has no “special concerns” with the central bank and remains open to the public for two days of the conference (the first is basically the reception). Also, all participants have to pay a fee to cover the costs as well as the organization of the event (including the media) your expenses for transportation, accommodation and entertainment activities what they do in their spare time.
‘Structural changes in the global economy’ is the official title of the 2023 conference, which will be held and held for the 46th time this Thursday to Saturday. “As the immediate impact of the epidemic eases, more likely Persistent spillover effects on the way economies are structuredBoth nationally and globally as trade networks change and global financial flows react to it. Similarly, the policy response to the pandemic and beyond could have lasting effects as economies adjust to rapid changes in monetary policy and the significant increase in government debt, the Kansas City Federal Reserve said.
Beyond the academic discussions, investors are waiting for messages they can use to appoint US Federal Reserve (Fed) Governor Jerome Powell and European Central Bank (ECB) President Christine Lagarde, who will intervene separately in the session. this Friday afternoon (Spanish time). Little is known about who the participants will be because The agenda of the conference is not published until the afternoon of the day it starts.. Two major central bank governors raised interest rates again in July to continue tackling high inflation, but left the door open (raise again or pause) on what to do from September onwards.