Yellen in Jackson Hole; Brexit Talks Resume; US NFPs Next Week

Draghi told an annual conference of central bankers in Jackson Hole that multi-lateral cooperation is crucial to reassuring workers who worry that free trade puts their jobs at risk.

However, Janet Yellen's speech on Sunday was more significant in that she defended the measures taken since the 2008 financial meltdown to tame financial markets, including those regulations President Donald Trump has vowed to scrap.

Sterling steadied on Friday after falling to a two-month low against the dollar in the previous session, as investors waited to see what Federal Reserve chief Janet Yellen would say in a speech later in the day. Institutions around the world have spent billions of dollars on new compliance and risk control systems as well as an army of managers to meet current standards.

The absence of any clue over future interest rate policy was interpreted as a tacit admission that the Federal Reserve is not keen to rush through the next rate rise.

"That is kind of a concern and it doesn't surprise me you are starting to see stocks hang in there only because everybody is searching for yield". Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors.

Trump has said these changes went too far, calling the law a "disaster" that has made it hard for consumers and businesses to access credit and restricted economic growth.

Yellen said there was no clear evidence that increased regulation had been causing broad or deep reductions in the availability of loans, but she said it was more difficult to assess whether there might be smaller impacts. He has, for example, nominated Randal Quarles to the key post of Fed vice chairman for bank supervision.

"The President wants to de-emphasize regulation as one of his priorities and that is not consistent with a second Yellen term", said Mark Hamrick, senior economic analyst at Bankrate, during an interview with FOX Business.

Yellen's remarks could put her at odds with the Trump administration, which issued a Treasury Department report in June that called for "significant changes" to the Volcker Rule. European Central Bank president Mario Draghi is now unlikely to give much indication about the ECB's intentions in monetary policy in his afternoon speech at the conference.

Investors see a 40.7 percent chance of a rate hike by the Fed in December, down from 45.6 percent a month ago, according to the CME FedWatch tool. Yellen and Draghi believe the present market performance to have exceeded reason and entered a region of pure speculative excess. Trump has praised her cautious approach to raising interest rates, the Post reported.

Trump is currently weighing whether to nominate Yellen to another term when her current chairmanship ends in February.

In 1933, 75 years before the collapse of Lehman Brothers, Congress understood that it needed to prevent bank runs by creating FDIC insurance.

Investors´ focus for the time being has shifted from geopolitics and political turmoil in Washington to monetary policy. Oil prices remain soft as they trade in the middle of their recent price range.

(Derechos de autor © 2015. Todos los derechos reservados.)

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