Fed Conference in Jackson Hole: Here’s what to expect

Fed Conference in Jackson Hole: Here's what to expect

(Bloomberg) — The annual meeting of the Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming, kicks off with a gala dinner Thursday night. Here’s what to expect from the two-day conference of central bankers from around the world:

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Federal Reserve Chairman Jerome Powell will lead the speakers list with a keynote address on Friday at 10:05 a.m. New York time.

Investors will analyze his highly anticipated speech for clues about the interest rate outlook, which the Fed raised in July to a range of 5.25% to 5.5%, the highest level in 22 years.

Pricing in futures markets reflects expectations that policymakers will hold interest rates steady when they meet on September 19-20, and see a one in three chance of raising interest rates by a quarter of a percentage point in November.

Kansas City Federal Reserve Bank President Jeffrey Schmid will host the conference just days after he officially assumes his new position 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, they are all scheduled to attend, several scheduled for media interviews on Friday.

Philadelphia Fed President Patrick Harker appears on Bloomberg TV at 11 a.m. ET Friday, and he will also speak on Yahoo! Finance 11:30 a.m. Cleveland President Loretta Mester will appear on CNBC at 11:30 a.m. and on BTV at 2:30 p.m. Austin Goolsby speaks in Chicago on CNBC at 12:30 p.m. and on BTV at It’s 2 p.m.

ECB President Christine Lagarde’s speech at 3pm will be her first major pronouncement since officials raised interest rates on July 27 but let future decisions depend on the new data. As the economic outlook worsens, investors will listen closely for any clues about the outcome of the next policy meeting in September.

Other attendees included central bankers from around the world, including Portugal’s Mario Centeno, South Africa’s Lisetia Kagnago, Australia’s Philip Lowe, Canada’s Tiff Macklem and Germany’s Joachim Nagel, Mexico’s Victoria Rodriguez and Japan’s Kazuo Ueda.

White House Council of Economic Advisers Chairman Jared Bernstein and CEA member Heather Boshey will also be present — as well as Undersecretary of the Treasury for Domestic Finance Nellie Liang and her counterpart for international affairs Jay Champoo.

plates, papers

Ueda will participate in a panel discussion on globalization with Bank of England Deputy Governor Ben Broadbent and Director General of the World Trade Organization Ngozi Okonjo-Iweala on Saturday at 12:25pm ET.

The economists will also present four research papers during the conference.

Friday’s programming begins at 10:30 am, with Yueran Ma of the University of Chicago presenting a paper examining whether the macroeconomic environment has influenced long-term shifts in the economy.

At 11:55 am, Professor Daryl Duffy of Stanford University presents his paper on structural changes in financial markets and monetary policy management.

At 12:55 p.m., Stanford University’s Charles Jones, University of Chicago’s Chad Severson, and ADP Research Institute chief economist Nella Richardson discuss structural constraints on growth.

In the first paper on Saturday, 10 a.m., Laura Alfaro of Harvard University discusses global production networks. At 11 a.m., Barry Eichengreen of the University of California, Berkeley, presents a paper on global financial flows.

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