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Opinion
Bill Dudley

Powell Will Face a Tough Audience in Jackson Hole

The chair of the Federal Reserve may have a hard time convincing markets that the central bank is serious about defeating inflation. But he’ll have to try.

If at first you don’t succeed, try again.

If at first you don’t succeed, try again.

Photographer: Daniel Acker/Bloomberg

Nearly a year ago, when US Federal Reserve Chair Jerome Powell delivered his speech at the annual economic conference in Jackson Hole, a global audience was hanging on every word for insights into the outlook for growth, inflation and monetary policy in an extremely uncertain environment.

Given how mistaken his assessment proved to be, he’ll have a harder time sounding convincing when he gives his next speech in the same venue later this month. But for the sake of the Fed’s efforts to contain inflation, he’ll have to try.