This episode of Odd Lots comes from the Jackson Hole symposium, the first held under new Fed Chairman Kevin Warsh. The hosts speak with Kansas City Fed President Jeffrey Schmid about the gathering's significance, the economic backdrop of high bond yields and above-target inflation, and AI's uncertain impact on the labor market. Schmid also discusses how baby boomer retirements are reshaping the workforce, his own recent FOMC votes, and why this year's symposium places a special emphasis on payments.
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Highlights
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First Jackson Hole under Chairman Warsh
This year's Jackson Hole symposium is the first under new Fed Chair Kevin Warsh, and market participants are closely watching his Friday speech for clues on how he will distinguish his leadership from the Jerome Powell era.
Economic backdrop: high yields, above-target inflation, AI uncertainty
The symposium occurs at a tense time for monetary policy, with high bond yields, inflation still above target, and AI's still unrealized effect on the job market.