{"id":52515,"date":"2023-08-24T13:23:44","date_gmt":"2023-08-24T17:23:44","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/jerome-powell-set-to-deliver-jackson-hole-speech-that-tanked-stocks-last-year-what-wall-street-predicts-this-time-around\/"},"modified":"2023-08-24T13:23:47","modified_gmt":"2023-08-24T17:23:47","slug":"jerome-powell-set-to-deliver-jackson-hole-speech-that-tanked-stocks-last-year-what-wall-street-predicts-this-time-around","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=52515","title":{"rendered":"Jerome Powell Set To Deliver Jackson Hole Speech That Tanked Stocks Last Year\u2014What Wall Street Predicts This Time Around"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Federal Reserve chairman Jerome Powell will soon provide an update at the central bank\u2019s annual gathering focused on long-term goals, as the market watches on pins and needles amid the most severe tightening cycle in four decades after Powell\u2019s speech this time last year spooked investors.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>Powell will take the stage Friday at 10:05 a.m. ET as part of the three-day gathering in Jackson Hole, Wyoming.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>At the same gathering last August, Powell famously warned the U.S. may need to enter a \u201clengthy period of very restrictive monetary policy\u201d that will \u201cbring some pain,\u201d sending the market \u2014 long-used to a friendly Fed and lower interest rates \u2014 into a tizzy.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>The S&amp;P 500 fell more than 3% the day of Powell\u2019s 2022 speech and crashed 13% a month after Jackson Hole, as stocks bottomed out at their lowest level since 2020.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Despite last year\u2019s cataclysm, Jackson Hole historically does not swing markets \u2013 the S&amp;P inched up an average of 0.3% in the month after the symposium took place between 1978 and 2022, according to Dow Jones data.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Powell will probably \u201cbe light lipped\u201d in Jackson Hole, according to Comerica\u2019s chief economist Bill Adams, while Goldman Sachs strategists Lexi Kanter and Michael Cahill said they don\u2019t expect to get any \u201cstrong monetary policy signal\u201d this weekend.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Contra<\/h2>\n<p>Tom Lee, head of research at boutique equity research firm Fundstrat, predicted earlier this week there\u2019s a more than 80% chance equities will gain after Powell\u2019s speech Friday. The S&amp;P was positive the week after Jackson Hole in six of the seven instances it entered the meeting with a two-week losing stretch as it is set to presently, according to Lee.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Key Background<\/h2>\n<p>Powell\u2019s whirlwind five-year tenure as the U.S.\u2019 top banking official has been largely defined by his response to the U.S. enduring its highest inflation since the early 1980s, climbing as high as 9.1%. Beginning last March, the Fed hiked the federal funds rate from near-zero to 5.25% to 5.5%. The stock market, which typically enjoys lower interest rates as lower borrowing costs translate to higher corporate profits, has in turn slipped from its early-pandemic record levels. The S&amp;P is down 8% from its late 2021 peak, despite a 15% gain year-to-date.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">What To Watch For<\/h2>\n<p>Upcoming releases which will shed further light on the impact of the Fed\u2019s tightening campaign. The personal consumption expenditures price index\u2019s monthly update, Powell\u2019s favored inflation metric, will come out next Thursday, while the Labor Department will release its monthly employment report.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/dereksaul\/2023\/08\/24\/jerome-powell-set-to-deliver-jackson-hole-speech-that-tanked-stocks-last-year-what-wall-street-predicts-this-time-around\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Federal Reserve chairman Jerome Powell will soon provide an update at the central bank\u2019s annual gathering focused on long-term goals, as the market watches on pins and needles amid the most severe tightening cycle in four decades after Powell\u2019s speech this time last year spooked investors. Key Facts Powell will take the stage Friday [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":52516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-52515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Jerome Powell Set To Deliver Jackson Hole Speech That Tanked Stocks Last Year\u2014What Wall Street Predicts This Time Around | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Federal Reserve chairman Jerome Powell will soon provide an update at the central bank\u2019s annual gathering focused on long-term goals, as the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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