The Federal Reserve Bank of Kansas City said on Friday its annual economic symposium in Jackson Hole, Wyoming, will take place on Aug. 27 virtually and not in person as planned, the clearest sign yet of the impact of the COVID-19 Delta variant on the Fed's plans.
"While we are disappointed that health conditions will prevent us from being able to gather in person at the Jackson Lake Lodge this year as we had planned, the safety of our guests and the Teton County community is our priority," said Kansas City Fed President Esther George in a statement, citing the recently elevated COVID-19 health risk level in Teton County.
"It certainly is going to be a communications challenge" for Powell to stick to the view of only minor impact from the recent surge when he'll be giving his highly anticipated speech on the economic outlook to an online-only audience," said Yale School of Management's Steven Kelly. The Delta variant, however, is raising questions around that. Earlier on Friday, Dallas Fed President Robert Kaplan, who backs a plan to start trimming the Fed's economy-bolstering bond purchases by October, said he was already seeing some signs of the rising caseloads' impact on hiring and would be watching it carefully in the run-up to the Fed's next meeting, in September.The gathering was already going to be a muted affair.
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