- 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.
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 penalised 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.
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