Jackson Hole symposium: why the Fed Chair's August speech moves the dollar

The Jackson Hole symposium is the yearly economic policy conference that the Federal Reserve Bank of Kansas City holds in late August in Jackson Hole, Wyoming. No rates are set there, but investors follow the Fed Chair's opening speech closely, because Chairs have used it to signal where policy is heading, and a change in that outlook moves the dollar.

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By Mike. Explanation updated 2 Oct 2026; the dates and moves below update with the research.

Jackson Hole symposium in short

Next release: Not on our calendar yet. It appears once the date is confirmed.
Published by: Federal Reserve Bank of Kansas City
When: Once a year, over three days from Thursday to Saturday in late August, in Jackson Hole, Wyoming. The Fed Chair's speech opens the Friday sessions, in recent years at about 8:00 in the morning Mountain time: 10:00 in New York and 16:00 in Amsterdam.
Currency: US dollar (USD)
Impact: High: one of the releases that can move the currency on its own
Host: The Federal Reserve Bank of Kansas City
When: Late August, Thursday to Saturday
The part read first: The Fed Chair's opening speech on the Friday morning
Held since: 1978, in Jackson Hole since 1982

What the Jackson Hole symposium is

The Kansas City Fed held its first symposium in 1978 and moved it to Jackson Hole in 1982. Taking part is by invitation: central bankers from around the world, Fed officials, policymakers, academics and more than a dozen invited media outlets.

Each year has a theme, and the program is built around research papers and panels. The papers are posted on the agenda page as they are presented.

Since the 1990s the Fed Chair's remarks have regularly opened the conference. Since 2020 that speech has been streamed live on the Kansas City Fed's YouTube channel.

Why the Jackson Hole symposium moves the dollar

There is no rate decision at Jackson Hole. What moves the dollar is what the Chair says about the economy and the path for rates, a few weeks before the Fed's September meeting.

The speech has been used for big messages. In 2020 the Chair announced there that the Fed had adopted a revised strategy, aiming for inflation that averages 2% over time.

Because a speech can shift the whole expected path of US rates, the move often reaches every dollar pair at once, not just one.

How to read the Fed Chair's Jackson Hole speech

Compare the speech with what the market already prices for the next Fed meetings. A Chair who sounds firmer on inflation than expected tends to lift US yields and the dollar; a softer tone does the opposite.

The headlines in the first minutes pick out single lines. The full text, posted on the Federal Reserve's website, often qualifies them, which is why the first move does not always last.

Late August is a quiet time in many markets. With fewer people trading, the first reaction to the speech can be larger than it would be on a busy day.

What the US dollar did on the last release days

Our calendar keeps the exact time of each release since 16 September 2026. The first Jackson Hole symposium after that date will show here with the US dollar's move around it.

For scale: on an ordinary day the US dollar moves 0.23% against the basket from one London opening to the next, either way, on average over the 250 trading days since 14 Oct 2025.

The forecast, the figure itself and what it changed in our view of the currency are in the app, next to the research.

Questions about Jackson Hole symposium

When is the Jackson Hole symposium?

Every year in late August, over three days from Thursday to Saturday. The Kansas City Fed announces the dates and the theme in advance and posts the full agenda on the Thursday evening, before the Friday sessions.

What time is the Fed Chair's speech at Jackson Hole?

In recent years it has opened the Friday sessions at about 8:00 in the morning Mountain time. That is 10:00 in New York and 16:00 in Amsterdam, since both the US and Europe are on summer time in August.

Can I watch the Jackson Hole speech live?

Yes. Since 2020 the Fed Chair's address has been streamed live on the Kansas City Fed's YouTube channel.

Does the Fed change rates at Jackson Hole?

No. It is a conference, not a policy meeting. The Chair can use it to signal what the Fed may do at its next meetings, and that is what moves the dollar.

Why is it held in Jackson Hole?

The Kansas City Fed moved the symposium there in 1982, partly to draw Fed Chair Paul Volcker, a keen fly fisherman. It has been held there ever since.