ECB President Mario Draghi to Skip Jackson Hole Symposium
In a surprise move, European Central Bank President Mario Draghi announced on Monday that he will be skipping the Jackson Hole symposium due to a busy schedule, which kicks off Thursday. An ECB spokesman officially stated that the official reason for Draghi's absence is "the heavy workload foreseen in the next few days."
The Jackson Hole Economic Symposium will be closely watched by market participants, particularly a speech by Federal Reserve Chairman Ben Bernanke scheduled for August 31. Investors will listen for any indication about the possible timing of a third round of quantitative easing.
While the official reason for Draghi's decision may be a busy schedule, the euro is rising on Tuesday on some speculation that the ECB could be planning some kind of surprise policy announcement, although this is unlikely. On September 6, the ECB will be holding its next meeting.
"The consensus is that the ECB will announce on Sept. 6 [its next meeting] a new plan to help to stabilize the short-end of the peripheral bond market and will not wait until the German court ruling,” National Alliance analyst Andrew Brenner wrote.
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