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Jackson Hole 2013: "quiet affair"

The annual meeting at Jackson Hole (August 28-30) is not expected to be a market-shaking event this year. The Fed’s Chairman Ben Bernanke announced earlier this year that he is not going to attend the meeting, so the traditional Friday morning keynote won’t be really interesting for currency traders.

Mr. Bernanke explained his absence by a "personal scheduling conflict".It’s the first time he hasn’t gone to Jackson Hole since he succeeded Alan Greenspan in 2006. In the past Mr. Bernanke often used the conference to make important pronouncements on monetary policy. For example, in 2010, his remarks were seen as a signal that the central bank would start a second round of quantitative easing.

The ECB President Mario Draghi, BoE Governor Mark Carney and many members of the Fed’s policy making committee are not attending the meeting. The former Treasury Secretary Larry Summers, one of the candidates to replace Mr. Bernanke, also won’t be there. Another candidate to Fed’s chairmanship, the current vice chair Janet Yellen is attending the meeting, but is not speaking. It seems that the most interesting speech for us will be the one of the BoJ Governor Kuroda.

The title of this year’s conference is “Global Dimensions of Unconventional Monetary Policy”.

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