Jackson Hole Symposium: Restoring price stability will take some time and requires using our tools forcefully, says Jerome Powell

Powell also invoked the former Federal Reserve Chairman during his speech. He said,  "During the 1970s, as inflation climbed, the anticipation of high inflation became entrenched in the economic decision-making of households and businesses. The more inflation rose, the more people came to expect it to remain high, and they built that belief into wage and pricing decisions. As former Chairman Paul Volcker put it at the height of the Great Inflation in 1979, 'Inflation feeds in part on itself, so part of the job of returning to a more stable and more productive economy must be to break the grip of inflationary expectations.."

The Jackson Hole Economic Symposium has been an annual event held in Jackson Hole, Wyoming, since 1981 and is one of the longest-standing central banking conferences in the world. The conference is sponsored by the Federal Reserve Bank of Kansas City.

The conference hosts around 120 attendees annually, including central bankers, academics, financial market participants, and finance ministers worldwide.