US Open – Investors Focus on Jackson Hole

Easing into the End of the Summer

It’s been a relatively slow day so far, with stock markets in Europe mixed and the US opening broadly similar as investors look ahead to the Jackson Hole event.

It hasn’t exactly been an action-packed week so far, with the vaccine news on Monday being the only real catalyst for the markets. It very much has a mid-summer feeling to it and while investors are pinning their hopes on the Jackson Hole event to spruce things up, I think they may be a little disappointed.

Barring fine tweaks, I don’t think central banks are going to have much to offer for the foreseeable future. Rates are extremely low and financial markets are stable, policy makers have done their job and laid the groundwork for the economic recovery.

It’s now over to the elected officials to do their jobs, manage the spikes and the economy and hope that one of these vaccines ticks all the boxes later this year. The message from central banks in the meantime is unlikely to change, they will remain ultra-accommodative for a significant period of time.

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