Kansas City's Fed President on What Everyone Will Be Talking About at Jackson Hole
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What is the official theme of this year’s Jackson Hole symposium and why does it matter?
Hi, I'm David Weston. Join me every week for the Wall Street Week Podcast to hear stories of capitalism from around the world. From geopolitical tensions and central bank decisions to artificial intelligence, energy, and infrastructure, we sit down with the CEOs, economists, policymakers, and thought leaders whose decisions are shaping markets everywhere we find them. Subscribe to the Wall Street Week Podcast on Apple, Spotify. Five or anywhere you listen. Bloomberg Audio Studios,
Podcasts, Radio News.
Hello and welcome to another episode of the All Thoughts Podcast. I'm Tracy Alloway.
And I'm Joe Wasenthal.
Joe, it's that time of year again.
Jackson Hole Week.
It's my favorite time of year.
Yeah. Uh so I mean it's the it's a great time of year anyway, but in in Jackson Hallwell, I mean, come on.
For many reasons. Okay. So this is the uh Kansas City Feds annual economic symposium in Jackson Hole, Wyoming. And they basically get together a bunch of different, you know, Fed presidents, a bunch of different speakers on economic policy, and then everyone geeks out while looking at mountains, basically.
It's really extraordinary. So this will be the third year that we'll have been there. We are recording this August eighteenth, but by the time people are listening to this, the event will have just will be kicking off. It really is extraordinary because you really have the top minds in this stuff from truly all around the world. But also it's late summer, people chill, people hike, people people recognize that they're in an amazing location and they would be wasting their time if they just spent uh the whole time inside talking monetary politics.
This is true, but I think part of the planning of this event is this idea of okay, you get everyone out in this really nice place in the wilderness, and people are maybe a little bit more forthcoming, maybe a little bit more open to having creative discussions. Yeah. about policy. And it's interesting, you know, you mentioned people talking about like this year's theme. I have a pop quiz for you, which is do you remember the themes from the last two Jackson holes that we went to? We've been to this will be our
third. I'm a little embarrassed as is monetary policy in a changing world? No, I actually it's a good question. You're not that far off
actually. So last year it was reassessing the effectiveness and transmission of monetary policy. The first Jackson Hole we went to in twenty twenty three, that was structural shifts in the global economy. That one, I gotta say, a little But this year's theme, uh it just came out, you know, just got announced. So this theme is labor markets in transition, demographics, productivity, and macroeconomic policy. It's a good topic for many reasons. So obviously, you know, the future of AI and its impact on the labor force will certainly fit under that particular thematic umbrella, but also it goes straight into the heart of what what a lot of Fed policy makers seem to be discussing right now and arguing, right?
All kinds of things, immigration, aging, et cetera. How does that bear on the data that we're seeing right now? It's a great topic for both the short term and the long term of monetary policy. So should be a fascinating conference.
Right. And so on that note, I'm very happy to say we do in fact have the perfect guest. We are going to be speaking with Jeff Schmidt. He is, of course, the president of the Kansas City Fed and responsible for putting on this event every year. So Jeff, thank you so much for coming on All Thoughts.
Oh, it's my pleasure. It's great to finally meet both of you officially and we follow you quite intently. So it's really great to be on. We're leaving
that
in.
Sorry. Well, I mean, it is mutual to be fair, because we follow you quite intently. So, first of all, let me just extend a personal thanks for putting on an event which allows Joe and I to go to one of the most beautiful places on earth every year. That is truly wonderful for both of us. And then I just going back to the theme for a second.
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Chapters
8 chapters
1
What is the official theme of this year’s Jackson Hole symposium and why does it matter?
0:00–5:59
2
How does the Kansas City Fed decide on the annual symposium theme and select speakers?
5:59–12:40
3
How will AI, aging demographics, and immigration shape the labor market and monetary policy?
12:40–19:48
4
What are the challenges of estimating the neutral rate (R★) in today’s economy?
19:48–27:09
5
Why is Fed independence under political pressure and how can the Fed protect it?
27:09–33:55
6
How restrictive are current policy rates given record‑high markets, low credit spreads, and warm inflation?
33:55–40:27
7
What data or developments would signal it’s time for a rate cut before the September FOMC?
40:27–46:33
8
How are quantitative tightening, the discount window, and funding markets influencing the Fed’s balance‑sheet strategy?
46:33–52:49
Speakers
5 identifiedMore from Odd Lots
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