Inside the Jackson Hole Symposium: What You Need to Know
History of Jackson Hole
The Annual Jackson Hole Economic Policy Symposium is conducted by the Kansas Federal Reserve. Since 1978, the Kansas Federal Reserve has sponsored this symposium, wherein important economic issues facing the US and the global economy are discussed.
The symposium is held in Jackson Hole, Wyoming, and attracts important speakers, including central bankers, finance ministers, and academics from around the world, who meet to discuss economic issues, implications, and the policy options based on a central symposium topic.
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Importance and objective of the event
The events at the symposium are closely followed by market participants around the world. Participants of the symposium who are considered to have political and economic influence in their respective economies present research papers and commentary and discuss the topic of the year.
During the three-day symposium, any surprise comments from these heavyweights can have a major impact on bond (BND), currency (UUP), and equity markets (SPY). For example, if a US FOMC (Federal Open Market Committee) member gives a comment that indicates a near-term rise in interest rates, it could have a major impact on the performance of global bond markets (AGG).
The 2017 Jackson Hole Symposium
The theme for this year’s symposium is “Fostering a Dynamic Global Economy.” Key speakers at this year’s symposium include US Fed Chair Janet Yellen and European Central Bank President Mario Draghi. The focus will be on what comments Draghi will give with respect to policy changes at the ECB.
For Janet Yellen, this could be her last appearance at this symposium as a Fed chair. Her comments on US inflation (TIP) problems and the path toward policy normalization will be important for markets.