Powell’s Last Stand at Jackson Hole
The Fed chair may have the high ground, but so did Custer.
Battle of the Little Bighorn, June 1876.
Artist: Edgar Samuel Paxson. Source: GraphicaArtis/Getty
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As the world’s central bankers gather in Jackson Hole, Wyoming, for their annual dose of fresh air in the shadow of the Tetons, they can sense the plates beneath them are beginning to shift. This will definitely be Jerome Powell’s last symposium as chairman of the Federal Reserve, his Last Stand in the Wild West. The drama surrounding his replacement threatens to become all-consuming. Profound changes for the Fed, to be imposed by others, are on the agenda.