Most of the year, people visit Jackson Hole, Wyoming, to ski, fly fish or simply enjoy the region’s vast natural beauty. But for three days in late August, the city situated in the heart of Grand Teton National Park transforms into Woodstock for economists.
There, top economists from across the globe rub shoulders with one another and mingle with reporters and investors hungry for clues about their economic outlooks. But instead of the Grateful Dead, the headliner of the festival taking place from August 24-26 is Federal Reserve Chair Jerome Powell . He’ll take the stage at the 46th such festival hosted by the Kansas City Fed, formally known as the Jackson Hole Economic Symposium, at 10:05 a.m. ET on Friday.
For instance, in 2010, then-Fed Chair Ben Bernanke used his time there to lay out “policy options for further easing,” said Cahill. “That was widely seen as a signal of additional quantitative easing,” he said. Quantitative easing, or QE, is when the Fed purchases bonds in an effort to bring interest rates down to stimulate the economy. Months after Bernanke’s Jackson Hole speech, he unveiled a whole new phase of bond-purchasing in what has now become known as QE2.
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