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The 2026 Jackson Hole symposium is over, and Jerome Powell did not deliver its keynote: Federal Reserve Chairman Kevin Warsh spoke on August 28. Rather than announce a specific federal funds rate change, Warsh used the address to discuss artificial intelligence, forward guidance, monetary-policy principles and his view of the economy.
What happened at Jackson Hole in 2026?
The Federal Reserve Bank of Kansas City hosted its 49th annual Economic Policy Symposium August 27–29, 2026, in Jackson, Wyoming. Its theme was “Financial Innovation: Implications for Payments and Policy.” The event brings central bankers, policymakers, economists and academics together to discuss economic issues and long-term policy challenges; its program includes presentations, panels and Q&A. Participation is by invitation, with papers and other materials published online and the Federal Reserve Chair’s address streamed. Kansas City Fed: Jackson Hole Economic Policy Symposium
Kevin Warsh, identified by the Federal Reserve as Chairman, delivered the keynote on August 28. The title’s reference to Powell is outdated for this event: the speaker was Warsh, and the address is now a record of what he said, not a preview of what Powell might announce. Warsh’s August 28, 2026 speech
What did Warsh discuss in his keynote?
AI, productivity and workers
Warsh described artificial intelligence as a possible new factor of production and raised questions about its potential effects on productivity, labor, investment and how economic gains are distributed. These were issues he urged policymakers to consider, not settled conclusions about how AI will affect the economy.
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Forward guidance and communication
Warsh argued that the Fed should generally limit forward guidance in normal times, while retaining flexibility as conditions change. He said, “Transparency in communications about future policy decisions is not a virtue unto itself,” and added, “In normal times, the role of forward guidance should be limited and circumscribed.” In context, his point was that communication should serve the goal of getting monetary policy right, rather than become an end in itself.
Market signals and the economic outlook
Warsh also discussed market signals as inputs to the Fed’s economic outlook, alongside his assessment of the economy and principles for monetary policy. He said, “The Fed watches all of this attentively.” These remarks express his approach; they do not establish a new formal policy or a specific change to interest rates.
Did the speech announce a rate change?
The official speech materials reviewed do not establish that Warsh announced a specific change to the federal funds rate. The address should not be treated as a rate decision: it set out topics and arguments about economic conditions and policy communication. The symposium’s theme was financial innovation and policy, not a scheduled announcement of a target rate.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Where do Powell’s Jackson Hole speeches fit?
Powell did speak at earlier symposia, but those addresses belong to their own years. On August 22, 2025, he delivered “Monetary Policy and the Fed’s Framework Review.” Powell’s August 22, 2025 speech His August 23, 2024 address, “Review and Outlook,” covered the economic outlook and monetary-policy transmission. Powell’s August 23, 2024 speech Neither prior appearance changes who delivered the 2026 keynote.
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