BREAKDOWN: Jackson Hole Closes the Door on the Fed’s Dovish Pivot
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 26 August 2022
⏱️ 16 minutes
🧾️ Download transcript
Summary
According to Chair Jerome Powell, the fight against inflation isn’t anywhere near done.
This episode is sponsored by Nexo.io, Chainalysis and FTX US.
Each year, U.S. central bankers gather in Jackson Hole, Wyoming, to discuss big-picture changes in medium- and long-term monetary policy and the economy. This year, the markets have been watching extra closely for signals about whether the Federal Reserve would be taking a turn to the dovish.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is “The Now” by Aaron Sprinkle and “The Life We Had” by Moments. Image credit: Matt Anderson Photography/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.2 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:14.8 | The breakdown is sponsored by nexo.io, chain aliasis, and FtX, and produced and distributed by CoinDesk. |
| 0:22.8 | What's going on, guys? It is Friday, August 26th, and today we are talking Jackson Hole. |
| 0:29.2 | Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, |
| 0:33.4 | give it a rating, give it a review, or if you want to dive deeper into the conversation, |
| 0:37.3 | come join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly give it a rating, give it a review, or if you want to dive deeper into the conversation, come |
| 0:37.5 | join us on the Breakers Discord. You can find a link in the show notes or go to bit.ly slash breakdown |
| 0:42.2 | pod. Also a disclosure, as always, in addition to them being a sponsor of the show, I also work with |
| 0:47.9 | FTX. All right, team, so it was Jackson Hole Week. What does that mean? Well, Jackson Hole is kind of like |
| 0:56.6 | TED or something for central bankers. It's an annual conference where they share big ideas, right? |
| 1:03.0 | It's the place where they talk about not just the immediate upcoming next policy, at least not |
| 1:07.6 | usually, but they zoom out and signal new or different directions. |
| 1:11.8 | It's technically held each year by the Kansas City Fed. |
| 1:15.2 | And while it focuses more on the United States than other parts of the world, central |
| 1:19.7 | bankers from all over the world come and participate. |
| 1:22.8 | It has been the scene for major central bank decision making in the past, such as crisis |
| 1:27.3 | talks during the |
| 1:28.2 | deterioration of the global financial system in 2008, just one month prior to the collapse of |
| 1:33.1 | Lehman Brothers, as well as the design of the European Union's bond buying program in 2014, |
| 1:37.9 | as the Eurozone continued to struggle to recover from multiple monetary crises. |
| 1:42.3 | Jackson Hole is often much more about the big picture of central |
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