– Month of radio silence
August is an unproductive month for central bank aficionados. If it weren’t for a major event.
Published today at 09:46
Graphic source: Goldman Sachs
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As investors noticed right at the start of the month, not much usually happens in August. Well, rules are always broken. This year, the stock market storm caused a brief stir, helped by the thin trading on the market. The summer time also means that central banks are rather sparse in their communication, as the chart above shows.
A major event such as the Jackson Hole Conference of central bankers, which begins tomorrow, Thursday, is just what everyone hungry for information needs. Expectations are high – in particular, the speech by Fed Chairman Jerome Powell on Friday afternoon at 4 p.m. Central European Time is eagerly awaited (Live webcast will then be broadcast here).
However, there will be no question and answer session after Powell’s speech. But hope dies last: Once again, analysts are speculating on clues in Powell’s speech as to where the journey will lead at the next monetary policy meeting in September. Experienced central bankers are true masters of ambiguous statements. There is potential for disappointment.
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LoginSylvia Walter works as an editor in the markets department of “Finanz und Wirtschaft” and focuses on economic issues and the global financial markets.More information@SylviaWalter13
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