Jerome Powell (almost) declares victory over inflation

For economists and investors accustomed to looking at charts, the jagged peaks of the Teton Mountains bear more than a passing resemblance to financial trend lines. They also form the backdrop to one of the most anticipated central bank speeches of the year: the Federal Reserve chairman’s annual reflections at a conference room in Jackson Hole, nestled in the valley below the Teton Range. On August 23, Jerome Powell did not disappoint. He made it clear that after raising interest rates as sharply as any of the slopes in the distance, the central bank was now ready to begin the descent.