Yahoo Finance reporter Brian Cheung previews Fed Chair Powell's speech live from Jackson Hole, Wyoming, and also speaks with a protester about why climate change should become a central component to Fed policymaking.

Video Transcript

DAVE BRIGGS: The market's ready to overanalyze every word out of Jerome Powell's mouth tomorrow. Brian Cheung there. Brian, what's the latest?

BRIAN CHEUNG: Hey, well, we are here live on site in Jackson Hole, Wyoming. A lot of happenings here at the economic symposium, which happens this time of year around late August. First time in person since the pandemic began. And of course, the big question overhanging the entire conference is, what will the Fed chairman say with regards to high inflation, the immediate issue that the Fed faces as they continue to try to raise interest rates.

Now, of course, this is not a policy setting meeting. The next one is going to be in September. But a lot of tea leaves to be read from the chairman's speech, in addition to the other Fed officials that would be speaking here. We actually had the chance to speak with the Kansas City Fed president Esther George yesterday, who told us that even though the Fed's mission is not yet done on interest rates, they have to be mindful of the lag impact of monetary policy, such that the four consecutive rate hikes that they've already done might not be already reflected in the lag data that we're getting on inflation or even on economic growth, as we saw from the revisions from the BEA earlier this morning.

A lot of complicated factors as the Fed begins that symposium later tonight. Of course, the Fed chairman set to make his remarks tomorrow at 10:00 AM Eastern time, 8:00 AM local here. We'll have the full coverage of all of that right here on Yahoo Finance.

DAVE BRIGGS: All right, buddy. It sounds quiet. It looks peaceful. We understand some protests out there. What's going on?

BRIAN CHEUNG: Yeah, really interesting. This is not the first time we've seen something like this. But of course, the Federal Reserve being as public facing and as large and important of an institution, there are a lot of people that have beef sometimes with the Federal Reserve's policies.

And we actually had the chance to speak with someone from 350 Colorado. They're flagging a lot of issues with regards to fossil fuel financing from the banking industry, which, of course, is very closely plugged to the Federal Reserve, had the chance to stand next to Micah, who really runs this kind of program here and actually brought a few protesters here to Jackson Hole to talk about whether or not the Fed should be more aggressive on wanting to pay attention to the impact of climate change. Take a listen to that conversation from Emily Parkin of 350 earlier today.

EMILY PARKIN: They're taking a few baby steps in the right direction. And that's great. What we really would love to see to come out of this economic symposium is them to make climate, like the European Central Bank has done, make climate change a central component to their policymaking, and to begin to set those policies that will discourage banks, the big Wall Street banks, from investing in fossil fuel projects and companies.

So that's the difference. They're taking baby steps, but we need to see a lot more. And we're the world's reserve currency. What we do here matters. And we need to-- our nation to be stepping up like Europe and other places are to take responsibility for the climate crisis. And the financing of these projects is central to taking responsibility.

BRIAN CHEUNG: And for what it's worth, the Federal Reserve has paid attention to the impact of climate change on the economy when you consider that Fed vice chair, for example, Lael Brainard has started an effort to try to create what they call climate scenario analysis, where they try to assess the impact of climate shifts from certain types of industries to other types of more energy-friendly industries, and the impact that would have on the banking industry. But again, some protesters out here saying that's simply not enough. Guys.

RACHELLE AKUFFO: Certainly, a full plate for the Fed there. Thanks so much. Brian Cheung there, live from Jackson Hole.