(Bloomberg) — The Federal Reserve Bank of Kansas City’s annual meeting in Jackson Hole, Wyoming, begins Thursday night with dinner. Here’s what you can expect from the two-day conference with central bankers from around the world:
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Federal Reserve Chairman Jerome Powell will lead the speaker line with a keynote address on Friday at 10:05 a.m. New York time.
Investors will scour his much-anticipated speech for clues about the outlook for interest rates, which the Fed hiked to a 5.25%-5.5% range in July, its highest level in 22 years.
Prices in futures markets reflect expectations that policymakers will hold rates steady at their Sept. 19-20 meeting and see about a one-in-three chance of a quarter-point hike in November.
Kansas City Fed President Jeffrey Schmid is hosting the conference just days after taking office on August 21. Schmid replaces Esther George, who retired in January.
While no regional bank presidents or members of the Fed Board of Governors are listed as speakers on the main program, all are expected to be in attendance, and media interviews for some are scheduled for Friday.
Philadelphia Fed President Patrick Harker appears on Bloomberg Television Friday at 11 am Eastern time and will also appear on Yahoo! speak. Finance at 11:30 am Cleveland boss Loretta Mester will appear at 11:30 am on CNBC and 2:30 pm on BTV. Chicago’s Austan Goolsbee speaks at 12:30 p.m. on CNBC and at 2 p.m. on BTV
European Central Bank President Christine Lagarde’s 3pm speech will be her first major remark since officials hiked rates on July 27 but have made future decisions dependent on fresh data. With the economic outlook deteriorating, investors will be alert for clues on the outcome of the next monetary policy meeting in September.
The story goes on
Other participants include central bankers from around the world including Mario Centeno from Portugal, Lesetja Kganyago from South Africa, Philip Lowe from Australia, Tiff Macklem from Canada, Joachim Nagel from Germany, Victoria Rodriguez from Mexico and Kazuo Ueda from Japan.
Chair of the White House Council of Economic Advisors Jared Bernstein and CEA member Heather Boushey, as well as Treasury Department Undersecretary for Domestic Treasury Nellie Liang and her International Affairs counterpart Jay Shambaugh, will also be in attendance.
boards, papers
Ueda will participate in a panel discussion on globalization with Bank of England Deputy Governor Ben Broadbent and World Trade Organization Director-General Ngozi Okonjo-Iweala on Saturday at 12:25 p.m. Eastern time.
Economists will also present four papers during the conference.
The program on Friday starts at 10:30 am. Yueran Ma from the University of Chicago presents an article examining whether the macroeconomic environment has influenced long-term changes in the economy.
At 11:55 Darrell Duffie, Professor at Stanford University, will present his presentation on Structural Changes in Financial Markets and the Conduct of Monetary Policy.
At 12:55 pm, Stanford’s Charles Jones, Chicago University’s Chad Syverson and Nela Richardson, chief economist at ADP Research Institute, discuss structural constraints on growth.
In the first paper on Saturday at 10 a.m., Harvard’s Laura Alfaro talks about global manufacturing networks. At 11 am, Barry Eichengreen from UC Berkley will present a talk on global financial flows.
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