The

Federal Reserve The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of ...

's Jackson Hole Economic Symposium is a three-day annual international conference hosted by the

Federal Reserve Bank of Kansas City The Federal Reserve Bank of Kansas City is located in Kansas City, Missouri, and covers the 10th District of the Federal Reserve, which includes Colorado, Kansas, Nebraska, Oklahoma, Wyoming, and portions of western Missouri and northern New Mexic ...

Jackson Hole Jackson Hole (originally called Jackson's Hole by mountain men) is a valley between the Gros Ventre Range, Gros Ventre and Teton Range, Teton mountain ranges in the U.S. state of Wyoming, near the border with Idaho, in Teton County, Wyoming, T ...

in the United States attended by

central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...

leaders from around the world. Central bankers discuss world events and financial trends and the discussions at Jackson Hole are watched for economic news and specifically the likely direction of global interest rates. It has been described by ''

The New York Times ''The New York Times'' (''NYT'') is an American daily newspaper based in New York City. ''The New York Times'' covers domestic, national, and international news, and publishes opinion pieces, investigative reports, and reviews. As one of ...

'' as "the world's most exclusive economic get-together". The event is held at vacation destination Jackson Lake Lodge in

Grand Teton National Park Grand Teton National Park is a national park of the United States in northwestern Wyoming. At approximately , the park includes the major peaks of the Teton Range as well as most of the northern sections of the valley known as Jackson Hole. G ...

, in

Wyoming Wyoming ( ) is a landlocked U.S. state, state in the Mountain states, Mountain West subregion of the Western United States, Western United States. It borders Montana to the north and northwest, South Dakota and Nebraska to the east, Idaho t ...

's Teton County. during late August. It was held in a few different locations in the late 1970s, but Jackson Hole has been the location since 1981. The conference was placed there partly because

Paul Volcker Paul Adolph Volcker Jr. (September 5, 1927 – December 8, 2019) was an American economist who served as the 12th chair of the Federal Reserve, chairman of the Federal Reserve from 1979 to 1987. During his tenure as chairman, Volcker was widely ...

, the then-

Federal Reserve chairman The chair of the Board of Governors of the Federal Reserve System is the head of the Federal Reserve, and is the active executive officer of the Board of Governors of the Federal Reserve System. The chairman presides at meetings of the Board. T ...

, wanted to benefit from the great fly fishing in the area. Among the regular attendees are top economists from the

Federal Reserve Board The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the mo ...

, as well as other policymakers such as foreign central bank governors. Economic papers are published, and presentations are given. The 1984 meeting focused on the causes of inflation. The 2016 meeting focused on the effects of central bank balance sheets on financial stability. The 2018 meeting focused on the effect of tech giants on the economy. At the 2020 meeting, Fed chairman

Jerome Powell Jerome Hayden "Jay" Powell (born February 4, 1953) is an American investment banker and lawyer who has been the 16th chair of the Federal Reserve since 2018. A native of Washington, D.C., Powell graduated from Princeton University and from th ...

announced a new policy for raising interest rates that was not simply based on joblessness or inflation expectations. During the

COVID-19 pandemic The COVID-19 pandemic (also known as the coronavirus pandemic and COVID pandemic), caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), began with an disease outbreak, outbreak of COVID-19 in Wuhan, China, in December ...

the economic symposium was held virtually for 2020 and 2021. About 100-120 economists, central bankers, and journalists meet for the symposium. The 2022 meeting was the first in-person meeting since 2019. Despite acknowledging the risk of recession, the majority of central bankers expressed their determination to increase interest rates for the purpose of curbing inflation.

Bank of Japan The is the central bank of Japan.Louis Frédéric, Nussbaum, Louis Frédéric. (2005). "Nihon Ginkō" in The bank is often called for short. It is headquartered in Nihonbashi, Chūō, Tokyo, Chūō, Tokyo. The said bank is a corporate entity ...

governor

Haruhiko Kuroda is a Japanese banker and a former Ministry of Finance government official who served as the 31st Governor of the Bank of Japan (BOJ) from March 2013 to April 2023 and is currently a Professor at the National Graduate Institute for Policy Studie ...

was exceptional in expressing his need to continue reducing interest rates.

References

{{Federal Reserve System Bank regulation in the United States * Financial regulatory authorities of the United States Global economic conferences

See also

References