The Federal Reserve’s annual gathering in the Rocky Mountains is usually a time for central bankers and their wonky friends to kick back, discuss a few complicated economic topics and then go for a hike in the shadow of Grand Teton.

The president’s attempts to control monetary policy became the dominant yet unspoken theme at the annual central bankers’ retreat.

The 2025 Jackson Hole summit ended in total uncertainty. The Federal Reserve’s top officials met in Wyoming last week, and nobody left with a clear plan. According to Bloomberg, Jerome Powell used his Friday speech to hint at a possible interest rate cut in September.