The Federal Reserve didn’t invite Wall Street on vacation this year.
On August 21, the Federal Reserve Bank of Kansas City is set to begin its popular annual economic symposium in Jackson Hole, Wyoming. And this year, Wall Street economists won’t be there.
According to Bloomberg, the jilted sell-side economists include Vincent Reinhart of Morgan Stanley, Jan Hatzius of Goldman Sachs, and Ethan Harris of Bank of America Merrill Lynch.
Meredith Whitney, who has attended in the past, also didn’t get the invite.
In the past, the Jackson Hole symposium has served as an opportunity for the Fed to hint at its upcoming policy moves. In 2010, then-Federal Reserve Chairman Ben Bernanke prepared everybody for a round of quantitative easing, which became QE2.
And again in 2012, Bernanke used his speech at Jackson Hole to prep markets for another round of quantitative easing, or QE3, which is still ongoing and is on course to finish in October.
This year’s symposium is taking place under the title, “Re-Evaluating Labour Market Dynamics,” and citing Federal Reserve spokeswoman Diane Raley, Bloomberg said the audience for this year’s conference, “is designed to be a complement” to the focus on labour markets.
Maybe next year, guys.
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