Wall Street 22 augusti 2025
After Jerome Powell, Who Else Is Speaking at Jackson Hole?
From left, Bank of England Governor Andrew Bailey, European Central Bank President Christine Lagarde and Bank of Japan Governor Kazuo Ueda join Federal Reserve Chair Jerome Powell at the Jackson Hole conference Friday. (Jim Urquhart/Reuters)
”Den förändrade riskbalansen motiverar en justering av vår penningpolitiska hållning”
Jerom Powell upprepade på fredagen att han betraktade centralbankens nuvarande politik som endast ”måttligt” restriktiv, vilket innebär att det inte återstår särskilt mycket i form av räntesänkningar innan Fed når en ”neutral nivå” som varken överhettar eller bromsar ekonomin.
Chair Jerome H. Powell August 22, 2025
Börserna världen över fick fart av Fedchefen Jerome Powells på marginalen duvaktiga tal
Stängningsrekord på Dow Jones
Fedchefen Jerome Powell anslog en duvaktig ton vid sitt tal i Jackson Hole, och sade att ”en justering av vår policyholding kan eventuellt vara befogad av en förändring i riskbalansen” – centralbankirspråk för att räntan nog kan behöva sänkas i september.
The Federal Reserve chair used his Jackson Hole speech to describe a foggy economic landscape and two-sided risks.
Was anyone even listening?
Speaking to a Senate Committee in 1987, then Federal Reserve Chairman Alan Greenspan said, “If I seem unduly clear to you, you must have misunderstood what I said.”
I wonder if current Fed Chair Jerome Powell is thinking the same thing.
"Those of us who have looked to the self-interest of lending institutions to protect shareholder's equity (myself especially) are in a state of shocked disbelief,"
Greenspan in October 2008
The comments sent stock and bond markets soaring as traders took the comments to suggest policymakers will definitely cut interest rates when they next meet in mid-September.
The S&P 500 Index was poised for its biggest gain since May, while yields on benchmark US Treasuries tumbled
Then there’s the awkwardness that if the Fed does cut rates, it may be because the economy is in trouble and it has to, not because it can due to tame inflation.
The main reason for Fed cuts, in other words, is that policymakers are worried about economic deterioration.
It may well be that the market is over-interpreting the dovish tilt of the speech, or it may be the investors were positioned somewhat offsides on the belief that the tone would go in a more hawkish direction.
Jonathan Levin Bloomberg August 22, 2025
The trend is your friend. And then the trend is not your friend.
Soon Fed will lower interest rates by 0,25 percent, the exact date of which is debated 24/7 on media like CNBC and Bloomberg
Stiff upper lip
Trots två raka nedgångsdagar har veckan utveckling på Stockholmsbörsen hittills varit positiv, med en uppgång på 0,5 procent hittills för breda index.
Victor Hultgren 22 augusti 2025, 08:22
Snart vänder det upp
Hubris in the financial markets is most apparent
when growth is robust and investors ignore the past
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