Economic Policy Symposium
Today the central banks’ Economic Policy Symposium begins in Jackson Hole, WY, USA. Our — as well as the rest of the world’s — eyes are on ECB’s Draghi and The Fed’s Yellen, who will both be speaking at the meeting. Today’s topic is “Fostering of Dynamic Global Economy,” and Yellen’s speech will touch upon financial stability—a subject that does not directly address the monetary policy. The topic of Draghi’s speech is yet unknown, although according to ECB, it most likely will not contain any decisive new information. Jackson Hole has previously been used as a platform for presenting essential new indications of the world economy going forward, which is why there will undoubtedly be payed a lot of attention to the impending speeches. Every word they utter will immediately be analysed and interpreted by investment companies all over the world in an attempt to predict how quickly the interest rate will rise, and whether the central banks will halt the printing press. At Kirstein we await the outcome of the symposium in anticipation.