The Jackson Hole Symposium is this week's most anticipated event, in part due to a severe lack of other newsworthy market stories but also because two very important central bankers are scheduled to appear.
A joint meeting of the Federal Open Market Committee and the Board of Governors was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, July 25, 2017, at 1:00 p.m. and continued on Wednesday, July 26, 2017, at 9:00 a.m.
The latest "saber rattling" surrounding nuclear tensions between the U.S. and North Korea continues to dominate the headlines, and some level of concern about the situation is certainly justified. While we still expect cooler heads to prevail, there's certainly an elevated risk that a miscalculation or miscommunication on either side could lead to disaster.
The sterling came off its highs and yields on UK debt fell on Thursday in response to the Bank of England and Mark Carney’s unconvincing attempts to warn traders that markets are behind the curve on interest rate hikes over the next few years.
Minutes from the Federal Reserve’s meeting on June 13-14 June showed that monetary policy members were split over the timing of shrinking the balance sheet. While some Fed officials want to kick off the process for reducing the holdings of treasuries and asset-backed securities in September, others want to see more clues on inflation, which has been edging lower.
The Bank of England (BoE) caught traders off-guard on Thursday, turning what was expected to be a rather mundane affair into something far more interesting, as two policy makers joined Kristin Forbes in voting for a rate hike.
We've expected a relatively flat open on Wall Street on Wednesday, as traders await the minutes from the FOMC meeting earlier this month, having already strongly priced in a rate hike in June, with a second in December looking less certain.