Federal Reserve Chair Jerome Powell is expected to map out final steps in the US central bank’s campaign to tame inflation, and reinforce its commitment to finishing the job, when he speaks Friday in Jackson Hole, Wyoming.
While the address may not contain the same drama as keynotes in recent years, Powell’s speech at the Fed’s annual confab of global central bankers comes as policymakers enter what he’s called the most difficult stage of the inflation fight — calibrating how much more tightening is needed, with little certainty about how their actions have affected the economy so far.
Powell is scheduled to deliver a speech on the outlook at 10:05 a.m. Washington time on Friday morning as part of the Kansas City Fed’s annual economic policy symposium, held in the shadows of the Teton mountain range. European Central Bank President Christine Lagarde will also speak later in the day.
So far, inflation gauges have come down substantially from a year ago, and the economy has shown few signs of suffering from tighter monetary conditions. But Fed officials are increasingly divided into two camps as inflation risk recedes and other economic risks mount.One faction argues that higher rates have yet to fully work their way through the economy, and worry that an ongoing tightening of credit conditions will have a bigger impact than intended.
Jackson Hole will give Powell more room to home in on key components of his strategy, including the Fed’s focus on more than just inflation reports. In his first Jackson Hole speech as Fed chair, in 2018, he emphasized the inherent uncertainty around estimates of such long-run variables. But he also stressed that, in the event of such dire developments as a financial crisis or unanchored inflation expectations, the Fed would have to “do whatever it takes” to solve the problem.
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