Each summer, the quiet mountain town of Jackson Hole, Wyoming, becomes the epicentre of global economic debate.

Against the striking backdrop of the Tetons, central bankers, policymakers, and economists gather to take stock of the international financial system. More than just a conference, the annual Jackson Hole symposium has often marked turning points in global monetary policy.

The 2025 meeting, which took place between 21–23 August, arrived at a moment of acute tension for both policymakers and investors. The extraordinary interest-rate hikes of 2022 and 2023 — more than 500 basis points in little over a year — continue to shape the landscape. For private capital markets, the question is no longer when rates will fall, but whether the fiscal and political backdrop will allow central

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