Economists Ryan Wang, Simon...>

GLOBAL MARKET/OPINION: Economists Ryan Wang, Simon Wells and James Lee at HSBC

preview the Jackson Hole symposium on "Fostering a Dynamic Global Economy" in a

research note this morning. 

- Yellen's speech is entitled "Financial Stability" which they believe might

lead Yellen to "acknowledge that asset prices in some markets have risen towards

the higher end of their historical range". However, they say this could be

hedged by mentioning the strong capital position of banks and "moderate growth

of non-financial debt".

- It would not be unusual for the Fed Chair to talk about current monetary

policy and HSBC write "we would expect any introductory comments from Ms. Yellen

to touch on two key topics: 1) the Fed's intention to begin shrinking its

balance sheet "relatively soon", and 2) the slowing in inflation over the past

four to five months".

- With two weeks to go until the next ECB meeting, HSBC do not expect Draghi to

sway from an academic speech linked to "Fostering a Dynamic Global Economy".

- Neither does HSBC see much fresh coming from BoJ Governor Kuroda.