Welcome to Jackson Hole week
Some individual contributions have, over the years, had a lasting impact such as that of University of Chicago Professor Raghuram Rajan.
Still, year after year, it’s the chair’s speech that attracts the most references — just mention Bernanke 2010
https://www.businessinsider.com/ben-bernanke-text-of-jackson-hole-speech-2010-8
or Powell 2022
While the sudden and large price dislocations were reversed over the next two weeks, the unsettling episode felt like a warning of the inherent instability of the financial system.
The insecurity was accentuated by what happened in the analyst community. Economists who, just a few days earlier, had reaffirmed their rosy outlook for the economy rushed to revise higher the probability of an impending recession.
It is particularly critical that people come away from Wyoming with a clearer picture of the new equilibrium policy rate (that neither restrains nor fuels economic activity),
the path to that rate, and what a “sustainable 2%” inflation target means in practice.
Mohamed A. El-Erian Bloomberg 19 augusti 2024
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