Reflections on Jackson Hole: Policy and Predictions

We're still at the Kansas City Federal Reserve Bank's annual economic symposium in Jackson Hole, where we just heard Fed Chair Jerome Powell's big speech. The speech -- which opened the door to a September rate cut -- proved to be a dovish surprise to the market and stocks are now soaring because of it. But why did Powell decide to focus on what he sees as "downside" risks to the labor market as opposed to "upside" risks to inflation? On this episode, we speak to Bloomberg TV's Michael McKee, who's been to dozens of Jackson Hole meetings since the late 1990s. We talk with him about the speech, how Jackson Hole has changed over time, and who's in the running to replace Powell next year.

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