All you need to know about Jackson Hole Symposium

All you need to know about Jackson Hole Symposium

All you need to know about Jackson Hole Symposium

Federal Reserve Board Chairwoman Janet Yellen will ask lawmakers and regulators to only make "modest" changes to the Dodd-Frank Act, the sweeping banking rules President Trump and Republicans have promised to dismantle, arguing they've bolstered and protected the economy.

Market participants are closely watching the developments at Jackson Hole symposium 2017 where the heads of the global central banks have assembled for the Annual Economic Policy Symposium to discuss various global monetary policy. The Jackson Hole conference, sponsored by the Federal Reserve Bank of Kansas City, is in its 41st year.

"We re-learned this lesson through the pain inflicted by the crisis", Ms Yellen said. Public Citizen supports a financial transaction tax to reduce this overheated speculation. Stanley Fischer, the Fed's vice-chair, this month called such demands "extremely risky and extremely short-sighted", and on Thursday Robert Kaplan, the Dallas Fed chief, said it would be hazardous to loosen regulation at a time of soaring asset prices. The president wants to unwind the reforms, which could be a factor as he considers who should next lead the central bank. Yet Mr. Trump pledged to do a big number on Dodd-Frank and seeks an America first approach to global bodies.

Ms Yellen's comments will be seen as especially controversial because President Trump is now deciding whether to re-appoint her when her present term of office ends in February next year.

Markets don't care much about anything until after they hear from Janet Yellen and Mario Draghi in Jackson Hole, writes Bob Savage, CEO of Track Research in his Wednesday commentary from London.

However, she made no reference to US monetary policy in her remarks. That's not Mr. Trump's style - and Mr. Cohn is more in favour of deregulation - but he likes her dovish approach on interest rates.

For want of answers from Ms Yellen on the direction of monetary policy, investors sent the U.S. dollar tumbling, leaving it down 0.8 per cent against a basket of currencies shortly after 2000 GMT. Bonds rose again, with the yield on 10-year T-notes slipping another 2 basis points to 2.17%.

The administration blames such regulations for stifling economic growth.

Yellen said she and other current Fed members are not averse to revisiting how different regulations are working in practice "and considering appropriate adjustments".

Still, "there are concerns about what central bankers will say as the market appears stretched, especially Wall Street, where valuations look to have reached a limit", said Enrico Vaccari, a fund manager at Italy's Consultinvest.

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