Carney, Draghi, and Kuroda all skip Jackson Hole

President
Donald Trump and Federal Reserve Chair Jerome
Powell
Drew Angerer/Getty
Images

• Mark Carney, Mario Draghi and Haruhiko Kuroda are all
  missing from the list of attendees at this years central banker
  meeting at the remote mountain resort of Jackson Hole.
• The news comes alongside confirmation that none of the
  ECB’s executive board members will make the trip to the annual
  central bankers meeting headed by the US Federal Reserve
  Chairman Jerome Powell.

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ECB president Mario Draghi, Bank of England Governor Mark Carney,
and the Bank of Japan’s Haruhiko Kuroda are all missing from the
list of attendees at this year’s annual central bankers meeting
on monetary policy at Jackson Hole in the United States.

News of Draghi’s absence comes alongside confirmation that none
of the ECB’s executive board members will make the trip to Kansas
City Fed’s annual retreat for central bankers at the remote
mountain resort in Wyoming,
Bloomberg reported.

An ECB spokesperson told Business Insider that there was “no
particular reason” for their absence.

The Bank of England will be represented at the conference by
chief economist Andy Haldane.

This years meeting will be led for the first time by new Federal
Reserve Chair Jerome Powell, and will focus on the “Changing
Market Structure and Implications for Monetary Policy.”
The event allows the world’s monetary policymakers to meet
behind closed doors and discuss the big issues of the day away
from the glare of politicians, the public and the media.

This meeting will be held against a backdrop of a strong US and,
broadly speaking, global economy,  concerns over the trade
dispute between Beijing and Washington, and the ongoing crisis in
Turkey.

Tensions are also running high between US President Donald Trump
and the Fed after frequent criticisms of its interest rate hikes,
while another rate hike is expected to be confirmed at Jackson
Hole.

Trump has directed anger at the Fed for raising interest rates as
the US economy has picked up.

In July he tweeted: “The United States should not be penalized
because we are doing so well. Tightening now hurts all that we
have done. The U.S. should be allowed to recapture what was lost
due to illegal currency manipulation and BAD Trade Deals. Debt
coming due & we are raising rates – Really?”

On Friday, Powell will deliver the set piece speech of the
conference which will be a focus for investors as they listen for
confirmation of another interest rate increase.

“The Jackson Hole summer camp for economists begins today,” Paul
Donovan, chief economist at UBS’ wealth management arm said in
his daily email.

“Fed Chair Powell is of course a lawyer, not an economist – which
raises the question of whether a lawyer should attend a summer
camp for economists.

“Powell’s speech will probably have been written by someone with
an economics degree, so that will make it worth listening to.”

Minutes released from the Fed’s last meeting on Wednesday showed
that despite objections from the president, it is on course to
increase rates in September.