August 23, 2019

This Was Not What We Were Expecting Out Of Today’s Jackson Hole Meeting Day

The Jackson Hole Economic Symposium is one of the longest-standing central banking conferences in the world. The mission of the event is to foster an open discussion. Attendees are selected based on each year’s topic with additional consideration given to create regional diversity among attendees.

Fed Chairman Jerome Powell kept his comments quite benign and the markets took them relatively in stride.

He said the global economic outlook “has been deteriorating.”

He again pledged to “act as appropriate to sustain the expansion,” a key phrase he has used before and has prompted positive market reaction.

He spoke at length about tariffs, saying there is no “rulebook” on trade wars and that the Fed may have to “look through” short-range developments.

But Powell also says the “economy is close to both goals” of price stability and full employment.

Source: CNBC

All in all, pretty positive right?

And then…came our Twitterer-In-Chief:

In regards to China:

….better off without them. The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP. Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing…

He then asks who is America’s “bigger enemy,” Powell or Chinese President Xi Jinping?

You saw how the markets reacted.  Should be an interesting week next week.  Have a great weekend.

about the author:

Mike Shorr

Since 1994, Michael has been an on-the-floor market maker, Vice-President of Interest Rate Derivatives for Knight Financial Products and Director of Education and Options Instructor at Trading Advantage. He makes the oftentimes complex world of options and trading accessible to the novice and advanced trader alike. Michael has a Bachelor of Science degree in Statistics and Finance from the University of Illinois Champaign-Urbana. He presently is Director, Trader Education at ProsperTradingAcademy.

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