The annual US Federal Reserve’s Jackson Hole Economic Symposium concluded recently，and the topic “Challenges for Monetary Policy” seemed particularly appropriate. These are challenging times indeed amid weaker global growth and a spike in trade tensions. One of the key takeaways from the latest gathering of economic and financial heavyweights is that as far as the Fed is concerned the US economy is in fairly good shape – despite an inversion of interest rates – normally a reliable sign of recession ahead. The key task for the Fed，it seems，is sustaining the economic expansion，which has already powered ahead for more than a decade. And in the eyes of the Fed，trade policy – read that mostly as the trade war with China – is the main challenge rather than interest rates.

Once again major central bankers took the stage. Fed Chairman Jerome Powell and Bank of England Governor Mark Carney both used some of their time to address trade policies and trade tailwinds for the economy.

But before we delve more closely into the current challenges and the policy responses，let us first examine this most prestigious gathering of the men and women tasked with keeping the global monetary system running smoothly. Why does this meeting get so much attention from the world’s financial markets? How did Jackson Hole become the premier meeting for policy makers?  Just who are these policy insiders，economists，financial market participants，and government representatives who gather in this idyllic retreat to discuss key long-term policy issues?

The Federal Reserve Bank of Kansas City began hosting the conference at the Jackson Lake Lodge in Wyoming more than four decades ago. All 12 of the Fed’s district banks organize research conferences，but only Jackson Hole becomes the Davos for central bankers.