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Jackson Hole takes centre stage – Danske Bank

FXStreet (Edinburgh) - Senior Analyst Pernille Nielsen at Danske Bank, said the Jackson Hole Symposium will grab all the attention today, with Yellen and Draghi as the main attractions.

Key Quotes

“Focus will be on Janet Yellen's speech in Jackson Hole at 16:00 CET”.

Yellen speaks on the subject of the labour market - the key component to the timing of the first rate hike”.

“However, Yellen has spoken extensively on this subject before and it is hard to imagine she can come up with much new given how much time the Fed has spent on analysing this area”.

“Yellen's view is clear - that there is still significant slack in the labour market, which is backed up by very moderate wage increases”.

“According to the minutes of the latest Fed meeting, many members expressed that the Fed might soon change the description of the underutilisation of labour”.

“If Yellen comments on policy at all, she is likely to repeat the phrase from the semi-annual testimony that if the labour market continues to improve faster than expected, the risk is that the first rate hike could come sooner than currently projected”.

“ECB-president Mario Draghi will speak at 20:30 CET in Jackson Hole after market close in Europe. It is unclear to what degree he will stick to the labour market theme that at the moment is less decisive for monetary policy in the euro area”.

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