Fed's Jackson Hole Economic Symposium: Top takeaways

Federal Reserve Chairman Jerome Powell spoke at the Jackson Hole Economic Symposium on Friday morning. Yahoo Finance Reporter Jennifer Schonberger joins Yahoo Finance Live from Jackson Hole, Wyo., to share her key takeaways from the event, including Powell's speech, the Fed's diverging views, and President of the European Central Bank Christine Lagarde's commentary.

Video Transcript

JENNIFER SCHONBERGER: You know, I was really struck by Powell's comments this morning because he really had his Volcker moment last year here in Jackson Hole, taking a strong stand on inflation. And then, this year, right at the top of his speech, he's-- he basically referenced to that speech and said, well, my speech today is going to be a little bit longer. My message is the same. The fed chair really keeping the door open for further rate hikes as needed. So that was the first big takeaway from my experience over the past couple of days.

DIANE KING HALL: And, Jen, I want to ask you, in terms of analysis from the guests that you've talked to, whether, you know, the fed watchers, former fed officials, what has stuck out to you in terms of their assessment of Fed Chair Jay Powell's approach going forward? I know Alan Blinder said was kind of-- there seem to be something for everyone. You could take out that it was a hawkish tone. You could take out that it was a dovish tone. To me, it seemed a little bit more hawkish. But what's the general kind of consensus that you're hearing?

JENNIFER SCHONBERGER: Yeah, I agree with you, Diane. I took sort of a hawkish tone from it. But as you mentioned, Blinder telling me, you could go either direction. And there are certainly differing views within the fed too. Because Powell, he came out, you know, like we said, perhaps hawkish.

I spoke with the Philadelphia Fed President Patrick Harker earlier today. And he is of the mindset that if the next couple of reports on inflation come in like the last two, then he would feel comfortable moving into an extended hold for the September policy meeting. So I think the fed has the ultimate destination is the same, but how you get to that destination right is differing within the FOMC itself.

And, you know, as far as the folks that I've been talking to here on the ground, they also are saying, it's really going to depend on the data. The data has been stronger than many have expected. The economy's been more resilient. And speaking with St. Louis-- former St. Louis President James Bullard earlier this morning, he thought that there could be more upside risk to the rate hike path.