Jackson Hole Closes the Door on the Fed’s Dovish Pivot

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 27 August 2022

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

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. - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company safeguards your crypto by relying on five key fundamentals including real-time auditing and insurance on custodial assets. Learn more at nexo.io. - Chainalysis is the blockchain data platform. We provide data, software, services and research to government agencies, exchanges, financial institutions and insurance and cybersecurity companies. Our data powers investigation, compliance and market intelligence software that has been used to solve some of the world’s most high-profile criminal cases. For more information, visit www.chainalysis.com. - FTX US is the safe, regulated way to buy Bitcoin, ETH, SOL and other digital assets. Trade crypto with up to 85% lower fees than top competitors and trade ETH and SOL NFTs with no gas fees and subsidized gas on withdrawals. Sign up at FTX.US today. - I.D.E.A.S. 2022 by CoinDesk facilitates capital flow and market growth by connecting the digital economy with traditional finance through the presenter’s mainstage, capital allocation meeting rooms and sponsor expo floor. Use code BREAKDOWN20 for 20% off the General Pass. Learn more and register at coindesk.com/ideas. - Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW - “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.

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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