BREAKDOWN: Everything You Need to Know About Jerome Powell's Jackson Hole Speech
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 27 August 2020
⏱️ 19 minutes
🧾️ Download transcript
Summary
The Federal Reserve Chair announced a slate of new policy approaches, but are they inspired or impotent?
This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Federal Reserve Chair Jerome Powell spoke Thursday at the annual Jackson Hole conference convened by the Kansas City Fed, which was virtual this year due to COVID-19.
In the highly anticipated speech, Powell laid out a number of key changes to how the Fed approaches unemployment and inflation.
In this recap, NLW looks at how people reacted to the speech. On the one hand, there is disagreement between those who anticipate out of control inflation and those who think the Fed’s track record on achieving even modest inflation is abysmal. On the other, almost everyone seems to think the Fed appears run down, out of tools and increasingly looking to support from Congress.
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Transcript
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| 0:00.0 | The Fed's game is one of confidence and perception. It needs the markets to believe that it has |
| 0:07.8 | the power that it says it has. No one is a better advocate for this position than Jeffrey |
| 0:13.2 | Snyder. And his argument is really that the Fed's power is almost entirely in the mirage of |
| 0:20.0 | power that it builds for itself aided and abetted |
| 0:22.8 | by the media. But it feels to me like that mirage is fading, that the Fed is losing that power |
| 0:30.2 | of self-fulfilling prophecy. Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:42.9 | The breakdown is sponsored by crypto.com, BitStamp, and nexo.io, and produced and distributed by CoinDes. |
| 0:52.1 | What's going on, guys? It is Thursday, August 27th, and today we are talking about Jerome Powell's |
| 0:59.2 | Jackson Hole speech. I wanted to focus and hone in on this topic and in particular |
| 1:04.7 | different people's reaction to the speech, so there'll be no brief today, but we'll obviously |
| 1:09.2 | do another brief tomorrow. So first, |
| 1:11.7 | some context about Jackson Hole. Every year the Kansas City Fed holds this event, which is sort of like |
| 1:17.7 | a TED but for central bankers. So it's a place where people trot out their big, heady ideas and |
| 1:24.5 | see what the response is, and it's obviously usually closed doors, like a TED |
| 1:28.5 | conference. Last year, one of the big things that came out of the Jackson Hole event was Mark |
| 1:34.0 | Carney, the former Bank of England governor, proposing a synthetic hegemonic currency, basically |
| 1:40.1 | a Libra or a Keynesian bank or type digital reserve asset for a new world to replace the dollar. |
| 1:47.9 | So that gives you kind of an idea of the type of things that come up there. |
| 1:51.7 | Well, this year, like every event in the time of COVID-19, Jackson Hole, was a virtual event, |
| 1:57.4 | and because of that, the Fed took advantage of that challenge to make it more available |
| 2:02.5 | to the public. As the New York Times pointed out in an article today as well, this goes with a |
| 2:08.2 | larger theme of the Fed being accountable to the people that it is serving, which holding aside |
... |
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