Central bankers, market players and academics will gather on Thursday at the Economic Policy Symposium in Jackson Hole, Wyoming.

The policy chatterati’s annual powwow may hold even more interest than usual, coming as it does amid an intense market wobble and just a few weeks before potential lift-off for US interest rates.

Jackson Hole has been used to signal US policy in the past, but most investors think it unlikely this time because Fed chair Janet Yellen isn’t attending,

Of course that won’t stop the market dissecting every utterance for a clue to monetary policy trajectories.

And the potentially most interesting comments may come from Fed vice-chair Stanley Fischer when he delivers a speech on Saturday.

If market turbulence continues for the rest of the week, it’s likely traders will start thinking there is an increased possibility that Mr Fischer could use his address to deliver some form of market-salving comments.

An allusion to why the Fed may be minded to hold for a bit longer given uncertainty over China’s economy would probably do the trick.

Perhaps that could come as part of a concerted central bank effort — perceived or real — to calm nerves.

Now, given one senses central banks are becoming increasingly wary of being seen to forever prop up market sentiment, such an intervention may be unlikely.

But if it did occur, it could make for a pretty painful Monday for those short “risk” assets.


Copyright The Financial Times Limited 2018. All rights reserved.