Another one focused on European Central Bank President Draghi, nothing at all Fed Chair Yellen
This via Lloyds:
- There has been speculation that Draghi may use the opportunity to provide some indication of how ECB monetary policy is likely to evolve in the coming months. However, that seems unlikely. Draghi has already stated that this policy, including the ECB's QE programme, will be reviewed in the autumn and he seems unlikely to publically pre-empt that review.
- What we are likely to get is a repeat of the message Draghi delivered at the press conference following the ECB's July policy meeting. That was that the signs of improving economic conditions are encouraging, but with inflation still well below the ECB's target, any move to unwind its stimulus programme needs to proceed cautiously.
- Also of interest will be whether Draghi has anything to say about the euro. With the minutes of the July ECB meeting indicating some concerns that the currency may "overshoot", he may provide a warning of the potential negative impact of an overly rapid appreciation
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I reckon the chance of Draghi saying anything specific on the euro at JHole is not high.
