HSBC economists Ryan Wang, Simon Wells......>

US VIEW: HSBC economists Ryan Wang, Simon Wells and James Lee eyed Jackson Hole

conference on "Fostering a Dynamic Global Economy." Fed Chr Yellen's speech is

entitled "Financial Stability", which may lead her to acknowledge "asset prices

in some markets have risen towards the higher end of their historical range" but

"this could be hedged by mentioning the strong capital position of banks and

"moderate growth of non-financial debt", they said. 

- They add it would not be unusual for Fed Chair to talk on current monetary

policy;  "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," they said. 

- With only 2 weeks until next ECB meeting, HSBC does not expect Draghi to sway

from an academic speech linked to "Fostering a Dynamic Global Economy", nor does

it see much fresh coming from BoJ Governor Kuroda.