Some of the world’s top financial minds are set to gather in Jackson Hole.
The annual event in Wyoming has global implications as many countries look for the next step in growing their economies.
CCTV America’s Hendrik Sybrandy reports from Jackson Hole.
Central bankers set to gather at Jackson Hole conferenceJackson Hole will host central bankers from U.S. and around the world for discussions on future economic and monetary policy. Interest rates are always on the agenda during the event. And that's particularly true this year. CCTV America's Hendrik Sybrandy reports from Jackson Hole.
For two days each year, Jackson Hole hosts central bankers from U.S. and around the world for discussions on future economic and monetary policy.
The Teton Range, obscured by smoke from nearby wildfires, is a perfect backdrop for a conference that’s held behind closed doors and involves bankers whose plans for the economy are never crystal clear. But in recent years, the U.S. Federal Reserve Board, charged with setting interest rates, has sent more frequent signals about whether those rates will go up or down.
Jack Strauss of the University of Denver believes that although the interest rates are at historic lows U.S., it’s just a matter of time before they’re raised.
And Federal Reserve Chair Janet Yellen could signal a rate hike in a speech to the Economic Symposium later this week.
Fed Up Coalition’s field director Shawn Sebastian, however, is strongly against a rate increase. He and fellow members of the Fed Up Coalition will argue that a hike could hurt people of color the most, whom they say were left behind by the economic recovery.
Fed Up Coalition also claims the Federal Reserve doesn’t represent American society. “Those big decisions right now are being made by 12 regional Reserve presidents and five members of the Board of Governors. That’s 17 people, 16 of whom are white,” Sebastian said. “So we think that’s really just fundamentally unfair.”
Strauss, on the other hand, believes that the Fed remains the most important economic player in the United States- one he thinks should plan now for the next recession. “The U.S. economy will start to slow down and will stop,” he said. “So you have to plan ahead because you can’t just make things up, snap your fingers.”
The next two days will be very busy. As the symposium kicks off Thursday, some Federal Reserve presidents and governors will meet with members of the Fed Up Coalition to hear their concerns. And then on Friday morning, Fed Chief Janet Yellen will deliver her long-awaited remarks. Investors and many others around the world will be paying close attention to what she has to say.
David Nelson on Fed’s next move
For more on Jackson Hole and the Fed’s potential next move, CCTV America’s Michelle Makori spoke to David Nelson, Belpointe’s chief strategist.