“August movements were accentuated by various events, but we mustn’t lose sight of the long-term vision”
This week the annual meeting of central bankers in Jackson Hole sets out the agenda. In Matellán’s view, this is a fairly important event because the Federal Reserve is expected to take stock of the effects of the measures implemented following its framework review a year and a half ago, long before the onset of the pandemic. “The symposium is expected to provide signs of higher inflation, which should be received positively by the market, but even so, given the current context, potential monetary policy changes are sure to be left open to macroeconomic data yet to come.” In this regard, the economist says that German representative Isabel Schnabel has the option to align positions with the European Union following the major shift that took place in the spring, which was led by Angela Merkel.
Meanwhile, there are still tensions between the United States and China. The Asian giant accused the United States of sending a spy plane into a no-fly zone used by the Chinese army for real fire drills, without permission yesterday. “It’s a tug of war in a long-term competition, and we should get used to that. It’s been happening for several years, sometimes in a military context, sometimes trade… it’s a competition for technological and economic leadership,” Matellán concluded.