The Federal Reserve Bank of Kansas City’s annual gathering in Jackson Hole, Wyoming kicked off Thursday evening with a dinner filled with central bankers, economists and reporters from the around the world. Here’s what to expect from the three-day conference: For investors and Fed watchers, Chair Jerome Powell’s keynote speech on Friday at 10 a.m. New York time will garner the most interest.
With the Fed on the cusp of lowering borrowing costs from a more than two-decade high, Powell’s comments will be closely parsed for any kind of signal about the timing, size and pace of interest-rate cuts. Any remarks that offer insight into his views on the labor market, and how risks of further weakness stack up against inflation concerns, will also be scrutinized.

Oil headed for a weekly loss — after hitting the lowest close since January midweek — on a challenging demand outlook, sinking product prices, and US efforts to secure a cease-fire in Gaza. Brent crude traded above $77 a barrel, about 3% lower this week, while West Texas Intermediate was near $73. Data this week showed US manufacturing contracting at the fastest pace this year, as well as signs of labor market softness. In Europe, meanwhile, futures for diesel — a workhorse industrial fuel — have retreated to the lowest level in 14 months.
Oil has shed all of its year-to-date gains as the impact of OPEC+ supply curbs has been overshadowed by a poor economic outlook in major economies, with China showing signs of weakness along with the US. While the cartel led by Saudi Arabia and Russia has said it aims to ease some output curbs in the fourth quarter, crude’s slide makes that plan more challenging.