Fed Critics Gather in Maine as Powell's Message Falls on Deaf Ears

Camp Kotok is an annual gathering of economists and money managers that takes place in Maine before the Jackson Hole Economic Symposium. The event has been running for decades, but its attendees are sworn to secrecy, following the Chatham House Rule.

The group's focus this year was on Federal Reserve policy, with debates raging over whether to cut rates and by how much. Some attendees noted that pressure from President Trump is unseemly and ineffective, citing past instances where presidents have privately persuaded Fed chairs to change course.

Fed Chairman Jerome Powell's speech at Jackson Hole provided little comfort for the president, who is concerned about a possible recession affecting his reelection chances. Powell pointed out that low rates are having little impact on stimulating the economy and that the Fed cannot offset an ill-advised trade war.