Members of the Federal Reserve participate in an annual economic symposium.
Economic leaders from around the world, including members of the U.S. Federal Reserve, participated in an annual economic symposium in Jackson Hole, Wyoming, over recent days. Many of the leaders said they believe the extraordinary economic volatility of the last few years, with whipsawing growth, supply disruptions, and inflation, are likely to persist for many years to come.
A member of the European Central Bank, Isabel Schnabel, said, “The challenges we are facing are likely to bring about larger, more frequent and more persistent shocks in the years ahead.“
U.S. Federal Reserve Chairman Jerome Powell said the Fed will likely impose more large interest rate hikes in coming months. The Fed chair stated that he expects rates to remain at levels that should slow the economy “for some time.”
There is consensus that the world has entered a more volatile era, with rolling supply disruptions likely to be the norm. There was less consensus on what economic policymakers should do about it.
As the Lord Leads, Pray with Us…
- For Chairman Powell to seek God’s discernment as he heads the Federal Reserve.
- For members of the Federal Reserve as they attempt to reduce inflation.
- For officials with the president’s economic council to provide sound recommendations.
Sources: Axios, NPR
