Jerome Powell’s Jackson Hole Speech Today: His Final Act as Fed Chair

Fed Chair Jerome Powell’s upcoming speech at the Jackson Hole Symposium is keenly eyed by market participants and economists both. Powell stands as one of the more visible and scrutinized Federal Reserve chairs in recent history. Since taking the helm of the Fed on February 5, 2018, his annual Jackson Hole speeches have set the tone for global monetary policy and shaped investor sentiment year after year. 

With Powell’s term nearing its end on May 15, 2026, he is set to deliver what is widely expected to be his last major address at this iconic Wyoming symposium. Let's break down with this blog what Jackson Hole is, Jerome Powell’s year-by-year speeches as Fed Chair at the event, and the significance of his final 2025 address, and what it could mean for markets, policy, and his legacy.

What is Jackson Hole?

Jackson Hole is an annual gathering of central bankers, policymakers, economists, and financial market participants held in the picturesque valley of Jackson Hole, Wyoming. The Federal Reserve Bank of Kansas City has been organizing this annual symposium on key economic challenges since 1978. Starting in 1982, the event found a permanent home at the Jackson Lake Lodge in Wyoming’s Grand Teton National Park, which falls within the Tenth Federal Reserve District. 

What time is Jackson Hole speech?

Jerome Powell’s Jackson Hole speech in 2025 is scheduled to start on Friday morning local time in Wyoming. Specifically, the speech is set to begin around 10 a.m. Eastern Time (8 a.m. Mountain Time). For viewers in India, the live stream of Powell’s address will be available starting at 7:30 p.m. IST on August 22

Powell’s Jackson Hole Speeches; Year-by-Year Highlights

Here is a concise summary of Powell’s key messages from each Jackson Hole speech since becoming Fed chair:

• 2018: Introduced “navigating by the stars” a policy guided by neutral rates and full employment. Backed gradual rate hikes.
• 2019: Focused on sustaining the record expansion. Flagged trade tensions as risks but kept policy flexible.
• 2020: Unveiled “average inflation targeting,” allowing inflation above 2% temporarily to support jobs during the pandemic.
• 2021: Reaffirmed Fed’s dual mandate. Prepared markets for tapering asset purchases; called inflation “transitory.”
• 2022: Delivered a tough warning on inflation. Signalled higher rates and restrictive policy for an extended period, even at an economic cost.
• 2023: Took a cautious stance and said the Fed would “proceed carefully” on hikes but kept rates high to restore stability.
• 2024: Pointed to progress as inflation eased without higher unemployment, while stressing the fight was not yet over.

What Makes Jerome Powell’s 2025 Speech So Critical?

Powell’s eighth and likely final Jackson Hole speech comes at a moment of intense political and market pressure. President Trump has repeatedly called for Powell’s removal due to his reluctance to cut rates, but Powell has remained steadfast in his commitment to data and independence.

This year’s theme is “Labor Markets in Transition: Demographics, Productivity, and Macroeconomic Policy.” 

With inflation still hovering a percentage point above the Fed’s 2% target and unemployment at 4.2%, Powell faces a delicate balancing act. The speech is widely anticipated for several reasons:

• Signals on Policy:
  • Markets are bracing for hints about a possible rate cut in September.
  • Many expect Powell to offer only “soft guidance,” acknowledging risks both in inflation and employment but unlikely to directly tip his hand toward rapid easing.
  • Analysts believe that without confirming anything outright, Powell may indirectly hint towards a 25 basis point rate cut.
• Legacy & Independence:
  • Powell is likely to address how important is a central bank’s independence, especially amid rising political pressures.
  • Experts believe he will use the platform to defend his legacy, just like past retiring Fed chairs (Greenspan, Bernanke, Yellen) have done in their final Jackson Hole remarks.

Market Expectations, Economic Stakes From Fed’s Jackson Hole Speech

Powell’s Jackson Hole speeches rarely pass without shaking markets. In the weeks after the speech, moves in bond yields, the dollar, and the S&P 500 are usually hard to miss. Take 2022 as an example: his tough message on inflation sent the S&P 500 sliding 12%, the dollar jumped about 5%, and Treasury yields climbed by 75 basis points, according to Google Finance.

This year, investors are especially alert. Stocks, bonds, and currencies could all react quickly depending on how Powell frames his outlook. Many on Wall Street warn that if his comments sound too cautious or not as dovish as traders are hoping, volatility could pick up in a big way.

What Could Be Next for Jerome Powell and Fed?

Throughout his tenure, Powell has managed the Fed through historic turbulence, be it trade wars, the COVID-19 crisis, the steepest inflation in 40 years, or the relentless presidential pressure. His policy has consistently put stability and employment ahead of external noise, a stance that has earned both praise and criticism.

As Powell prepares to step down in May 2026, this final Jackson Hole stage offers him a chance to set the record straight. Observers expect a thoughtful, principled speech and not just about the hard decisions taken, but also about the need for the Fed to remain independent amid political pressures and for policy to be guided by data over headlines. 

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