The end of Labor Day weekend often arrives with a bittersweet tone — it’s a final salute to summer’s warmth and leisure before the cool air of fall arrives for much of the country.

As central bankers, economists, and policymakers gathered last weekend in Wyoming’s Grand Teton National Park for the 2025 Jackson Hole Economic Symposium, the Federal Reserve (Fed) found itself at a critical juncture marked by political pressures, personnel changes, and internal divisions over monetary policy direction.