Week InReview: August 30, 2019
Talking rates in the Maine woods with economists over good wine
"Let's get this out of the way upfront: There is no such entity as the 'Shadow Kansas City Federal Reserve Board.'
"This isn't a 'The first rule of Fight Club' situation. No one denies that a gathering of money managers, bond traders, and economists has been taking place at Leen's Lodge in Grand Lake Stream, Maine, for several decades. It's just that most of the conversations are off the record or governed by the Chatham House Rule, which doesn't allow identification of speakers without their permission. Many attendees have an affiliation with the Federal Reserve, as current or former employees, but aren't authorized to speak on the Fed's behalf.
"The long weekend in Maine takes place shortly before the Jackson Hole Economic Symposium, an event dating to 1982, held in Wyoming and hosted by the Kansas City Federal Reserve. Hence, the gathering became known in some circles as the 'Shadow Kansas City Federal Reserve Board' because of the Fed affiliation of many attendees, more than a few of whom head off to Jackson Hole right after the gathering."
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