Powell’s Jackson Hole Addresses: A Roadmap of the Fed’s Next Moves

 

Since stepping into the role in 2018, Fed Chair Jerome Powell has turned Jackson Hole into a critical platform for signaling the Federal Reserve’s evolving monetary policy stance. His annual remarks have consistently set the tone for investor expectations and policy shifts. In 2018, Powell struck a conservative tone on raising rates, and indeed the Fed raised them four times thereafter. By 2019, with global growth stalling and trade tensions rising, he hinted at support for the economy—which led to three rate cuts. In 2020, amid the pandemic, he unveiled a more flexible strategy focused on inclusive job growth and softened inflation targets, which delayed tightening even as inflation began to climb. Come 2022, he shifted to a tougher, hawkish language, foreshadowing aggressive rate hikes. In 2023, that tension faded, ushering in a period of rate stability. By 2024, with inflation cooling and employment weakening, Powell signaled and then delivered rate cuts. Now, entering the 2025 symposium—probably his last as Fed Chair—investors are watching closely for clues about what comes next in the Fed’s playbook.