Kansas City Fed’s Jackson Hole symposium kicks off

By Ovunc Kutlu

ISTANBUL (AA) - The Federal Reserve Bank of Kansas City said Thursday that it will convene its annual Economic Policy Symposium in Jackson Hole, Wyoming between Aug. 22-24.

The annual event, which marks the symposium’s 47th year, will focus on the theme "Reassessing the Effectiveness and Transmission of Monetary Policy,” it said in a statement.

This year’s theme will explore "lessons learned" from the response of monetary policy to both the coronavirus pandemic and the subsequent surge in inflation, it added.

"The 2020s have witnessed some of the most forceful monetary policy actions on record. First, central banks worldwide adopted historically accommodative policy to offset the pandemic shock. Then, as inflation surged to multi-decade highs, monetary policymakers responded with one of the most rapid tightening cycles on record," said the statement.

"Although outcomes have varied across economies, inflation has eased even as growth has remained surprisingly resilient. The resilience of growth through this period raises questions about the transmission of monetary policy and the lessons to be learned from this extraordinary episode," it added.

Fed Chair Jerome Powell’s remarks will begin on Friday at 10 a.m. EDT (1400GMT).