The Jackson Hole Economic Symposium Starts This Week—Here’s What You Need to Know

When economists and policymakers gather beneath the mountains of Wyoming’s Grand Teton National Park this week, their discussions could have a big impact on the economy, including how much it costs to buy a car, get a mortgage, or pay for a credit card.

Around 120 participants will gather for the annual Jackson Hole Economic Symposium starting Thursday. This year’s theme is “Reassessing the Effectiveness and Transmission of Monetary Policy.”

Market watchers will be paying close attention to the conference. Here’s how the symposium developed into an important global economic event.

Why Jackson Hole?

The event, hosted by the Kansas City Federal Reserve, didn’t start as an economic conference and it didn’t start in Jackson Hole.

In the early years, the conference focused on agricultural trade, and the first event in 1978 was held in Kansas City, Mo., and later Vail and Denver, Co.

The conference eventually moved to Jackson Hole, where its focus took a turn in 1982. The event that year featured then-Federal Reserve Chair Paul Volcker, who expanded the focus beyond agriculture. It’s been held at the Jackson Lake Lodge every year since, except for the 2020 conference, which was held virtually due to the COVID-19 pandemic.

What’s Economics Got To Do With It?

Volcker’s appearance started a trend, with central bankers and economists from around the world regularly attending the annual conference. When Fed Chair Alan Greenspan spoke at the 1989 event, it cemented the tradition of regular participation from the chair of the Federal Reserve. 

However, that tradition isn’t written in stone. Former Chair Ben Bernanke skipped the event in 2013, while his successor, Janet Yellen, passed over the 2015 conference.

Central bank officials aren’t the only economists at the event. People from around the world come to present their research on topics that tie into the theme. The schedule is likely to be published Thursday and papers are typically released ahead of presentations.

What’s Special This Year?

Bank of America Securities analysts noted central bankers’ presence is significant because the Federal Reserve’s policy committee does not have meetings in August.

“Major policy changes have been signaled during a long summer inter-meeting period,” they wrote.

This year, Fed Chair Jerome Powell is scheduled to speak Friday morning at a pivotal time in the monetary policy cycle.

Inflation has fallen from the highs seen in 2022, and the Fed is now weighing when to cut its influential fed funds rate. A cut would relieve some of the pressure on consumers, who are paying more to borrow money.

“Central bankers will surely feel more satisfied with their policy levers than the last two times they met at the Wyoming retreat,” wrote analysts at Deutsche Bank.