The global economy is currently enduring a toxic mix of high inflation and slowing growth. Internationally, central banks have raised interest rates, and governments have enacted fiscal measures to try to help mitigate the ensuing crisis.
Amid this, monetary policymakers, academics, and industrial leaders are set to convene at the Fed’s 45th annual economic symposium on Thursday, 25 August, for three days of debate on the important economic issues facing the US and countries around the world.
The theme of the event, Reassessing Constraints on the Economy and Policy, is expected to explore the emergence of economic constraints during the pandemic and how supply considerations have returned to centre stage.
This will be the first time in three years that attendees will meet in person at the event following the global pandemic.
Many of the leading global central bankers will be there, with the notable exception of the European Central Bank President Christine Lagarde.
US Federal Reserve Chair Jerome Powell’s speech will, as ever, be the most keenly awaited event. He is scheduled to appear Friday, 26 August at 09:00 CT/ 14:00 GMT. His remarks will be streamed live on the Kansas City Fed’s YouTube channel, youtube.com/kansascityfed.
Markets are currently pricing in a Fed policy path more or less in line with the dot plot from the June FOMC meeting, which indicated rates would peak near 4%.
More of the same
UBS analysts are predicting little chance of a dramatic shift in Fed rhetoric this week. “With inflation way too high and the labour market very tight, we see little reason for Powell to suddenly adopt a more dovish stance. The message should continue to be that the Fed is determined to restore price stability, even at the cost of economic growth.” The expected ceiling to the current hiking cycle is circa 4%.
US rate setters appear committed to further hikes and a transition to a restrictive monetary policy stance for the near term. Berenberg Capital markets pointed to recent public comments from FOMC members that highlighted a split between those wanting a 50-basis point hike compared to those pushing for 75. “[Powell] is likely to reaffirm the Fed’s inflation-fighting resolve but offer little in the way of fresh insights into the Fed’s deliberations.”
The full agenda for the three-day event will be available at kansascityfed.org at 19:00 CT on Thursday, 25 August (00:00 GMT / Friday, 26 August).
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- Powell speech set for Friday
- No changes expected to FOMC plans
By Harry Daniels
LiveSquawk News
@harrydaniels71
24 Aug 2022 | 14:30 GMT
The global economy is currently enduring a toxic mix of high inflation and slowing growth. Internationally, central banks have raised interest rates, and governments have enacted fiscal measures to try to help mitigate the ensuing crisis.
Amid this, monetary policymakers, academics, and industrial leaders are set to convene at the Fed’s 45th annual economic symposium on Thursday, 25 August, for three days of debate on the important economic issues facing the US and countries around the world.
The theme of the event, Reassessing Constraints on the Economy and Policy, is expected to explore the emergence of economic constraints during the pandemic and how supply considerations have returned to centre stage.
This will be the first time in three years that attendees will meet in person at the event following the global pandemic.
Many of the leading global central bankers will be there, with the notable exception of the European Central Bank President Christine Lagarde.
US Federal Reserve Chair Jerome Powell’s speech will, as ever, be the most keenly awaited event. He is scheduled to appear Friday, 26 August at 09:00 CT/ 14:00 GMT. His remarks will be streamed live on the Kansas City Fed’s YouTube channel, youtube.com/kansascityfed.
Markets are currently pricing in a Fed policy path more or less in line with the dot plot from the June FOMC meeting, which indicated rates would peak near 4%.
UBS analysts are predicting little chance of a dramatic shift in Fed rhetoric this week. “With inflation way too high and the labour market very tight, we see little reason for Powell to suddenly adopt a more dovish stance. The message should continue to be that the Fed is determined to restore price stability, even at the cost of economic growth.” The expected ceiling to the current hiking cycle is circa 4%.
US rate setters appear committed to further hikes and a transition to a restrictive monetary policy stance for the near term. Berenberg Capital markets pointed to recent public comments from FOMC members that highlighted a split between those wanting a 50-basis point hike compared to those pushing for 75. “[Powell] is likely to reaffirm the Fed’s inflation-fighting resolve but offer little in the way of fresh insights into the Fed’s deliberations.”
The full agenda for the three-day event will be available at kansascityfed.org at 19:00 CT on Thursday, 25 August (00:00 GMT / Friday, 26 August).