Fed's Yellen to headline annual Jackson Hole policy conference

NEW YORK (Aug 18): Federal Reserve Chair Janet Yellen will join European Central Bank President Mario Draghi in Jackson Hole, Wyoming next week, setting the stage for a potentially revealing debate over the common challenges facing the world’s two most powerful central banks.

Yellen will speak on the topic of financial stability at 8 a.m. local time (10 a.m. in New York) on Aug. 25 at the Kansas City Fed’s annual symposium, the Fed said on Thursday. The ECB had already confirmed Draghi’s attendance at the gathering of top economists and policy makers. Their get-together comes as the US central bank prepares to start unwinding its US$4.5 trillion balance sheet and the ECB weighs when to slow down its own large-scale asset purchases.

“Most global central banks are going into this thinking about tightening,” Gennadiy Goldberg, an interest-rate strategist at TD Securities in New York, said before Yellen’s appearance was announced. “That’s a big sea change.”

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