If you did not hear this coming, you had better get your ears checked
On August 25, 2022, participants from 34 countries assembled in Jackson Hole Wyoming for the annual economic policy symposium hosted each year by the Federal Reserve Bank of Kansas City. For the last 45 years, this economic symposium includes central bankers, policymakers, academics, and economists from around the world. Chairman Jerome Powell presented the keynote speech in which he said,
"While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses.". That being said, market participants continued to ignore his message not believing the resolve of the Federal Reserve. The expectation was that the Federal Reserve would not make good on its commitment to continue one of the most aggressive monetary policies in recent history.
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