Summary: The Jackson Hole summer camp for economists and central bankers starts. This year it is virtual - no roasting s'mores over an open fire, which reduces the fun. US Fed Chair Powell speaks today, offering insight into the medium-term plan. However, events have reduced the fun here too. We know rates will stay low for a long time. We know any medium-term plan will have to change. Powell is unlikely to be able to change market expectations.
