The world’s most influential central bankers are gathering in Wyoming this week for the 2025 Jackson Hole Economic Symposium. The economic stakes are far more complicated than a year ago. There’s also a pivotal political one: the independence of the Fed Reserve, the world’s largest and most influential central bank.

Some of the world’s most important central bankers will be doing just that later this week in the wide open spaces of Wyoming, where the annual Jackson Hole economic policy symposium takes place.

“Markets are in a bit of a holding pattern until we get to Jackson Hole on Friday,” said Brendan McKenna, an economist at Wells Fargo in New York.