FED’s Annual Symposium On Monetary Policy In Jackson Hole Is Important

Today FOMC Meeting Minutes will be released. But markets are already discounting the FOMC Meeting Minutes and looking forward to the FED’s Jackson Hole Annual Symposium on Monetary Policy. So don’t expect much movement by the market. The Federal Open Market Committee releases minutes from its last meeting on Wednesday afternoon, but Wall Street is already downplaying the event as a sideshow in comparison to an annual symposium on monetary policy in Jackson Hole, Wyoming, two days later.

“The FOMC minutes are telling us about what happened three weeks ago, and Jackson Hole, given its precedent for signaling meaningful policy shifts, has taken on this very elevated status; it gets that extra attention even if it is just an academic conference,” said Jeff Greenberg, senior economist at J.P. Morgan Private Bank.

However, the Fed minutes may give investors more clues on the outlook for U.S. interest rates, after data yesterday showed inflation remains below target, even as the housing market gathers steam. Chair Janet Yellen will address global central bankers this week. The Bank of England said Martin Weale and Ian McCafferty wanted an interest-rate increase this month, marking the first split on rates in more than three years and the first under Governor Mark Carney. Argentina plans to pay its foreign-currency bonds locally to sidestep a U.S. court ruling that blocked payments last month.

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