Fed Chair Jerome Powell is set to speak at the Jackson Hole Economic Symposium for the last time since being appointed to the position by then-President Donald Trump in 2017. Powell will deliver a speech that will be closely followed by global central bankers at an event to be held at Jackson Lake Lodge in Wyoming tomorrow at 17:00 (UTC+3). Powell's seven Jackson Hole speeches to date have covered a wide range of topics, from the history of monetary policy to employment targets, from inflation-fighting strategies to pandemic-era support promises. Each speech has been a highlight, offering clues about the Fed's next interest rate move. Related News: Attention: Binance Issues Serious Warning Against New Scam Method - It Could Happen to Anyone Here's what he said in previous years and what happened next: 2018 – Powell emphasized the importance of gradually raising interest rates. Four interest rate hikes were implemented during the year. 2019 – Powell, highlighting the slowdown in global growth and trade uncertainties, stated that they would take action when necessary. The Fed cut interest rates three times during the year. 2020 – In a speech held online due to the pandemic, Powell announced the new strategy, which includes maximum employment and average 2% inflation targets. 2021 – Powell argued that inflation would be temporary and said there should be no rush to raise interest rates. However, this approach later drew criticism. 2022 – Powell made it clear that higher interest rates and an economic slowdown to combat inflation would bring “pain.” The Fed continued its aggressive rate hikes. 2023 – Powell, arguing that inflation is improving, stated that interest rate hikes could continue if necessary. The policy rate was held steady at 5.25%-5.50%. 2024 – Focusing on preserving employment as inflation risks decline, Powell announced that it's time to cut interest rates. The Fed will cut rates by 50 basis points in September 2024. Powell's speech this year is expected to include critical messages about whether the interest rate cut process will continue. *This is not investment advice. Continue Reading: Today is Critical: FED Chair Jerome Powell to Speak at Jackson Hole – Here’s the Time and What Happened After His Previous Speeches
