The Jackson Hole Symposium - What is it, anyway?

You must have come across these words ‘Jackson Hole Symposium’ as a key event to watch out for this week.

Here are some information regarding this key even for your consumption - before final outcomes from the symposium floods the market:

The Jackson Hole Symposium is an annual gathering of central bankers, economists and financial institutions. The Federal Reserve Bank of Kansas City has been sponsoring this symposium since 1978. In view of the Coronavirus pandemic, the symposium will take place online this year and will include international central bankers, Federal Reserve officials, academics and a small number of private sector economists participating via an online format. This year’s theme is “Navigating the Decade ahead: Implications for Monetary Policy.”

There are many who are awaiting the address from Federal Reserve’s Chair – Jerome Powell who is set to unveil the results of the central bank’s review of its monetary framework. After a decade long of trying to achieve a 2% inflation target despite generally low rates, Powell’s address is expected to include a shift to the Fed’s approach in this matter.

Ahead of this symposium, there was a sell off of USD in the market. The USD experienced biggest decline against GBP, NZD and AUD.