What will Janet say?
The Fed’s confab at Jackson Hole used to be a sleepy academic conference. At first blush, it’s not the most obvious location for a gathering of monetary policy mavens: it’s hard to get to, cell coverage is spotty, and bears can be a problem!
But it has the virtue of being remote. In fact, the striking scenery and remote location are reminiscent of the Bretton Woods global monetary conference of 1944, or even the 1910 meetings on Jekyll Island, South Carolina, where the architecture of the Federal Reserve was originally plotted. Off-site conferences have their advantages.
But getting away from the press is no longer one of them. The views of the mountains rising 6,500 feet above Jackson Lake may be breathtaking, but the conversations around meals and while hiking and fly-fishing are often most interesting to attendees. Sadly, for the rest of us, “Jackson Hole Rules” make these informal remarks off the record. Still, economic history has been made here. Alan Greenspan and Ben Bernanke both signaled major shifts in policy. But not always: last year, Bernanke didn’t even attend.
This year, everyone’s looking for clues as to when the Fed will start to raise rates. Will Dr. Yellen’s keynote provide them? We’ll just have to tune in!
Douglas R. Tengdin, CFA
Chief Investment Officer
Leave a comment if you have any questions—I read them all!