Every August, the financial world turns its gaze toward a small resort town in Wyoming. The Jackson Hole Symposium, hosted by the Federal Reserve Bank of Kansas City, is not Davos, not an IMF summit, not even a congressional hearing. Yet in the imaginations of traders and economists, it looms larger than all of them. For forty-odd years, central bankers have used the mountain backdrop to test their rhetorical range: are they hawks, doves, or something in between?

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