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Fed's Jackson Hole Symposium begins, focus on Powell's speech on rate cuts. VOO ETF down 2%. Topic: "Labor Markets in Transition." Fed eyes inflation, tariffs. Powell to address in Sept. 17 meeting decision. Upside risk to inflation greater than unemployment, tariffs impacting goods price inflation. Hard to quantify tariff impact on inflation.
The Federal Reserve's Jackson Hole Economic Symposium is set to begin with Chair Jerome Powell's speech on Friday at 10 a.m. ET. Markets are eager for hints on interest rate cuts, though Powell is unlikely to make any commitments yet. The VOO ETF has dropped nearly 2% this week. The theme of the event is "Labor Markets in Transition," reflecting the Fed's struggle with a cooling job market and inflation above target. Powell will discuss the "Economic Outlook and Framework Review," offering clues on the Fed's outlook ahead of its September 17 rate decision. The majority of officials, as per the Fed's July meeting minutes, see upside risk to inflation as greater than unemployment, noting tariff effects on data and goods price inflation. The impact of tariffs on inflation is hard to quantify, but many see domestic businesses affected. (Characters: 857)