The most critical meeting in the world is coming this week!
This week, the elites of the global financial community will gather in Jackson Hole to attend the annual global central bank annual meeting. This event is a weathervane of global monetary policy, attracting all the attention of the market to gain insight into the subtle changes in monetary policy in the coming months.
The in-depth report recently released by Goldman Sachs carefully outlines the wonderful agenda of the annual meeting. Among them, the speech of Powell, the head of the Federal Reserve, is undoubtedly the most dazzling focus. At 22:00 on Friday evening Beijing time, Powell's keynote speech will be broadcast live around the world. Although there is no direct question-and-answer interaction immediately afterwards, every word of his speech will be chewed carefully by the market to find clues to the policy direction.
At the same time, Bailey, the governor of the Bank of England, will also speak during the meeting. His lunch speech is scheduled for 3 pm on Friday, Eastern Time, adding another bright spot to the annual meeting. Philip Lane, chief economist of the European Central Bank, will participate in the summary discussion of the meeting on Saturday to bring the annual meeting to a successful conclusion. It is worth noting that, except for Powell's speech, the rest of the sessions have question-and-answer sessions, providing participants with more opportunities for in-depth exchanges.
Goldman Sachs analysis believes that this annual meeting may release two key signals: firm "expectation of interest rate cuts" and cautious "data-driven". Powell's speech and his off-site remarks are expected to continue the tone of recent weeks, that is, the Fed is gradually approaching the threshold of interest rate cuts, but the specific extent of easing will closely depend on the guidance of subsequent economic data.
The theme of the annual meeting, "Reexamination of the effectiveness and transmission mechanism of monetary policy", directly points to the core issues under the current interest rate hike cycle, providing policymakers with a broad space for discussion.
Although the theme of the meeting often guides the direction of the group discussion, Powell's speech will undoubtedly focus more on the current urgent policy challenges and response strategies, bringing the most direct policy guidance to the market.
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