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Jackson Hole Lotta Love

As Wall Street waits with bated breath for Jay Powell’s latest interest rate smoke signals to emerge this Friday at the annual Wyoming confab, we may be missing the larger story about mispriced risk in the economy.

Jerome Powell
All eyes will be on Jay Powell, as Wall Street and the wider world look for a signal about how he intends to address short-term interest rates, which he will reveal at the September meeting of the Federal Reserve Board. Photo: Chip Somodevilla/Getty Images
William D. Cohan
August 20, 2025

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The pressure is certainly ratcheting up on Jay Powell, the chairman of the Federal Reserve, ahead of the annual Jackson Hole Economic Policy Symposium commencing on Thursday. This year, the three-day gathering—attended by Fed board members, central bankers, academics, and economists from around the world—will focus on “Labor Markets in Transition: Demographics, Productivity, and Macroeconomic Policy.” Powell will give his speech, with the bone-dry title “Economic Outlook and Framework Review,” on Friday morning. Another highlight will be Saturday’s panel discussion featuring Christine Lagarde, head of the European Central Bank, and Andrew Bailey, governor of the Bank of England.