Powell Under Pressure to Share Economic Views at Jackson Hole

The upcoming speech by Federal Reserve Chairman Jerome Powell at the annual Jackson Hole conference has sparked interest among economists, with many calling for more insight into his views on the economy and rate policy.

A survey conducted by CNBC found that 80% of respondents believe Powell should provide more information about his economic views, while 48% are split on whether he should offer guidance on the rate outlook. Despite calls for greater transparency, a plurality of respondents (45%) expect Powell to continue withholding guidance on rate policy.

The survey also highlighted concerns over the Treasury's recent actions, with 77% believing that a surprise increase in purchases of long-dated off-the-run securities will not be successful in tamping down bond yields. The average respondent attributed 37% of the rise in bond yields to increased global supply of debt, 28% to higher expected inflation, and 21% to higher Fed rate expectations.

On the eve of the Jackson Hole symposium, respondents were divided on the outlook for rates, with 53% expecting rate hikes, 30% seeing rate cuts, and 16% forecasting no change. The disagreement reflects the uncertainty surrounding the Federal Open Market Committee's (FOMC) decision-making process.