The Kansas City Fed has released the schedule of its two day Jackson Hole symposium which, officially kicked off with dinner on Thursday night, hosted by dissident regional Fed president, and dissenter, Esther George (she voted against Yellen’s decision to keep rates unchanged in March, April and July). The highlight is tomorrow’s 10am ET Janet Yellen speech titled “The Federal Reserve’s Monetary Policy Toolkit.”
The speech is important because no matter what Yellen says, the market is virtually assured to surge as Citadel’s momentum ignition algos are greenlighted by the NY Fed trading desk.
Note the symbolic bear in the glass cage on the photo below.
Key highlights: Chair Yellen to give speech Friday morning; panel discussion Saturday with Bank of Japan Governor Haruhiko Kuroda, European Central Bank Executive Board Member Benoit Coeure and Bank of Mexico Governor Agustin Carstens
Outline of the program (all times Eastern):
8 p.m. – Opening Reception and Dinner
- 10 a.m. – Fed Chair Janet Yellen delivers opening remarks on “The Federal Reserve’s Monetary Policy Toolkit”
- 10:30 a.m. – Adapting to Change in Financial Market Landscape: authors Darrell Duffie and Arvind Krishnamurthy (Stanford), discussant Minouche Shafik, deputy governor at Bank of England
- 11:55 a.m. – Negative Nominal Interest Rates: author Marvin Goodfriend (Carnegie Mellon), discussant Marianne Nessen, head of monetary policy at Sweden’s Riksbank
- 12:55 p.m. – Evaluating Alternative Monetary Frameworks: author Ulrich Bindseil, director of general market operations at European Central Bank, discussant Jean- Pierre Danthine (Paris School of Economics) and Simon Potter, executive vice president at Federal Reserve Bank of New York
- 3 p.m. – Luncheon address by Christopher Sims (Princeton)
- 4 p.m. – Conference adjourns for the day
- 10 a.m. – Central Bank Balance Sheets and Financial Stability: author Jeremy Stein, Robin Greenwood and Sam Hanson (Harvard), discussant Randall Kroszner (University of Chicago)
- 11 a.m. – Structure of Central Bank Balance Sheets: author Ricardo Reis (Columbia), discussant Laura Veldkamp (New York University)
- 12:25 p.m. – Overview panel: Bank of Mexico Governor Agustin Carstens, ECB Executive Board Member Benoit Coeure, Bank of Japan Governor Haruhiko Kuroda
- 2:15 p.m. – Lunch
- 4 p.m. – Conference adjourns
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