The most noteworthy event this week with respect to Fed policy is the annual Jackson Hole symposium. Chairman Powell will be giving a speech on Friday morning titled “Monetary Policy in a Changing Economy.” This year’s theme is: “Changing Market Structure and Implications for Monetary Policy.” His speech could address the key themes of the symposium—the changing structures of product markets, consumer goods and services, and financial intermediation—and their implications for monetary policy. See our upcoming preview for more detail.
The sole public comment came from Bullard, who dismissed the concern that the situation in Turkey presented a significant downside risk to the U.S.: “There are special factors in that country [Turkey]…I don’t think this is a situation that would lead to a generalized contagion at this point” (Aug. 15).