The Jackson Hole symposium - could be a non event - Nomura
|Analysts at Nomura explained that they could glean some important implications to monetary policy from the Jackson Hole but we see it as unlikely to be a big market driver.
Key Quotes:
"Policy debate is less acute at this moment The Jackson Hole symposium is designed for an interchange between academics and policymakers on topics relevant for monetary policy."
"However, at times when economic situations warranted an imminent action by the monetary authority, the Chair utilized the symposium as a venue to hint at upcoming changes to monetary policy."
"For example, former Chair Bernanke expressed an intention to launch the second round of quantitative easing at the symposium in 2010."
"By contrast, currently, the Fed has been normalizing monetary policy under its previously-laid out plan and Powell does not need to provide any signal on potential changes to monetary policy at the moment."
"Market reactions to the Jackson Hole symposium have been relatively muted since the Fed started tapering its quantitative easing programme."
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