PREVIEW: Fed Chair Powell to speak at Jackson Hole on 27th August at 15:00BST/10:00EDT

• This year's Economic Symposium at Jackson Hole will be on the theme of "Macroeconomic Policy in an Uneven Economy." The full agenda for the event will be released at 01:00BST on Friday 27th August (20:00EDT on Thursday 26th August); the highlight will be remarks from Fed Chair Powell, scheduled for Friday at 15:00BST/10:00EDT. The market will be looking for any clues about when and how the Fed will begin scaling-back its asset purchases. The Fed has been buying USD 80bln Treasuries and USD 40bln mortgage-backed securities per month, and has said that it will provide the market with advance notice about its intentions to taper these purchases, when ‘substantial further progress’ towards its inflation and labour market goals has been satisfied. Some however suggest that Powell may disappoint those who are expecting details on the process, since the Fed Chair may not want to front-run the FOMC’s September 22nd meeting, and also since there are still differing views on the FOMC; some Fed officials, for instance, have said that they want to see the further employment reports before crystalising their view on tapering (note: the August jobs data is out on September 3rd, after Jackson Hole). We will be watching to see the extent to which Powell expresses concern on the Delta variant, which may signal a desire to move cautiously on a taper announcement. To download the report, please click here
  


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25 Aug 2021 - 12:58- Fixed IncomeResearch Sheet- Source: Newsquawk