LIVE: Fed Chair Jerome Powell speaks at annual symposium.
Federal Reserve Chairman Jerome Powell to Speak in Jackson Hole
Federal Reserve Chairman Jerome Powell is set to deliver a highly anticipated speech in Jackson Hole, Wyoming, on Friday. This event is part of the Fed’s annual symposium, where Powell provides updates on the central bank’s policies.
Key Highlights from Last Year’s Event
During last year’s symposium, Powell emphasized the importance of the Fed’s determination to combat soaring inflation, which had reached unprecedented levels.
Expectations for This Year’s Speech
This year, Powell is expected to reflect on the accomplishments of the central bank over the past year and shed light on their strategies for further reducing inflation.
In July, inflation rose to 3.2%, marking the first increase after a year of declines. This news came as a setback for President Joe Biden, who is striving to assure voters that his economic plan is effective in curbing price pressures. It also poses a challenge for the Fed, which has been diligently working to bring down inflation.
Powell’s speech is scheduled to commence at 10 a.m. Eastern time.
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