“We suspect the knee-jerk Jackson Hole reaction will be different in ’25 vs. for most of Powell's tenure,” wrote Bank of America in a note to clients this morning.

"It will be difficult for policymakers to tease out one-off tariff effects from longer-lasting inflationary pressures."

"It will be difficult for policymakers to tease out one-off tariff effects from longer-lasting inflationary pressures."

“We suspect the knee-jerk Jackson Hole reaction will be different in ’25 vs. for most of Powell's tenure,” wrote Bank of America in a note to clients this morning.

Conditions are like they were in 2007, or in the late 1990s, depending on how you look at the Fed raising rates during rising inflation, and the top 50 stocks dominating.

In a typical year, Jackson Hole sparks excitement mostly among market watchers. This time, the symposium feels more pivotal.