Board of Governors of the Federal Reserve System

Finance and Economics Discussion Series Federal Reserve Board, Washington, D.C. ISSN 1936-2854 (Print) ISSN 2767-3898 (Online) The Spillovers of

Jackson Hole speech in August. Finally, I will offer my views on the economic...expectations remain well anchored. Third, the revised consensus statement

Jackson Hole, Wyoming Share When we convened in Jackson Hole in August...and then, in September, by lowering the target for the federal funds rate

hole that countries are in remains deep, and significant downside risks...and, in some cases, changed business models—seem much better adapted to

and/or its affiliates and have been licensed for use by the Board . Copyright...and/or its affiliates . All rights reserved . Redistribution, reproduction

index, reached 7.3 percent in the summer of 2022. As shown in figure 1...and, as shown in figure 3, increasing goods price inflation. The relative

and, thereby war chest, back to its pre-stress composition. We find that...and, where appropriate, advance reforms to strengthen Treasury market

question-and-answer session of his Joint Economic Committee testimony ...and, in part, as a response to the experience of the taper tantrum along

and, together with John, have identified several benefits of such rules...expectations about policy and act on those expectations. The more accurate

recessions—and decreasing returns at ca- pacity in expansions. Motivated