AAA  Aug. 22, 2014
Waiting on Yellen
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The most important stage in the financial world today isn't in New York, Frankfurt or Tokyo. It's in a lodge in Grand Teton National Park.

Central bankers from around the world have converged in Jackson Hole, Wyoming, for an annual symposium on economic policy. It's where Federal Reserve Chair Janet Yellen is scheduled to speak about the labor market in her first time addressing the symposium as the Fed's chair.

The meeting's importance has grown because Yellen's predecessor used it to telegraph big changes in monetary policy. In August 2010, Ben Bernanke first hinted the Fed could begin a new round of bond buying to stimulate the economy. The speech helped launch a nearly unabated eight-month rise in the stock market.

In 2012, Bernanke signaled the Fed could launch a third round of bond buying. It approved the move the next month.

Don't expect anything that big today. Instead, economists will be listening for clues about when the Federal Reserve could start raising its key short-term interest rates — widely expected in mid-2015.

Associated Press
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