Watch Live: The World's Top 3 Central Bankers Discuss What's Next

Update II: The ECB's Mario Draghi said that nominal wages are rising and that "we're clearly seeing an upward trend in underlying inflation". We wonder - is this what he means by an "upward trend" that's visible to all?

He later added that the ECB sees "nothing that resembles recession". And certainly not in the EU economic data, we imagine.  

EU

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Update: Powell has maintained his hawkish tone from last week's press conference with his comments in Sintra on the labor market and monetary policy. He expressed confidence in the US economy and said "the case for continued gradual rate hikes is strong."

According to CitiFX's market commentary, its traders highlighted one dovish remark when Powell was speaking about the uncertainty surrounding the NAIRU: "Natural rate estimates have always been uncertain, and may be even more so now as inflation has become less responsive to the unemployment rate...as I mentioned, a tight labor market could draw more people into the labor force."

A number of Fed officials have worried about asset prices and raised the question of whether elevated asset prices are a reason to raise rates. Powell weighs in that asset prices are high by historical standards, but "I do not see broad signs of excessive borrowing or leverage. In addition, banks have far greater levels of capital and liquidity than before the crisis.'' So while this is an issue to monitor, it is not a front-burner problem.

Regarding asset prices, which are high by historical standards, Powell said "I do not see broad signs of excessive borrowing or leverage. In addition, banks have far greater levels of capital and liquidity than before the crisis.''

Here are the headlines:

  • POWELL SAYS CASE FOR CONTINUED GRADUAL RATE HIKES IS `STRONG'
  • POWELL: JOB MARKET TO STRENGTHEN FURTHER, SUPPORT WAGE GROWTH
  • FED'S POWELL REMARKS IN TEXT OF SPEECH AT ECB FORUM IN PORTUGAL
  • POWELL: INFLATION HAS MOVED UP CLOSE TO FED'S 2% GOAL
  • POWELL: U.S. ECONOMY PERFORMING VERY WELL
  • POWELL SAYS GRADUAL RATE-HIKE CASE `BROADLY SUPPORTED' ON FOMC
  • POWELL: YET TO SEE INFLATION STAY NEAR GOAL ON SUSTAINED BASIS
  • POWELL: U.S. FISCAL POLICY TO ADD TO DEMAND OVER NEXT FEW YEARS

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European Central Bank President Mario Draghi, Fed Chairman Jerome Powell and Bank of Japan Governor Haruhiko Kuroda will appear on a policy panel Wednesday that's set to begin at 15:30 CET (that's 10:30 am ET). They will be joined by Philip Lowe, the Governor of the Reserve Bank of Australia. The panel is the last big event of the 2018 ECB annual forum on central banking, which was held in Sintra, Portugal and featured the theme "price and wage-setting in advanced economies."

ECB

Of course, there is likely to be disagreement among the 4 (or 3 big guys) as Kuroda remains pedal to the metal on his easing policies (despite the stealth tapering), Draghi has started to adjust to a tightening regime, and Powell is in full normalization mode.

All of which is ironic given that all three  face notable demises in their recent economic data...

 

Watch the panel live below:

Comments

rrrr Jack Oliver Wed, 06/20/2018 - 11:09 Permalink

These men are not better than you or me. They have started out from stronger positions, and they have generally devoted their lives to achieving their own pathologically selfish goals. In doing this they have had to ignore many things. But the fact they are talking about wage and price controls can only have one real meaning. It is reasonable to assume they are not ignorant of the ineffective, harmful, and --on the face it, stupid-- outcomes which expeditious economic measures have historically had when imposed on a nation's economy by big banks or governments. By appearing stupid, they escape the accusation that they are willfully malicious. In fact they are not stupid, and they are almost certainly not ignorant. We need nonetheless to hold them accountable as if they are aware of such information, even if they are not, because it has long been available to everyone, and competence in their position requires they be knowledgeable of it. Therefore what their discussion means is that they are malicious in effect, intentionally, or by default through incompetence. What is probably more accurate to say is that some of them are relatively aware but are without significant effect, and that the most influential among them and their movers almost certainly do have pathologically malicious intent, against which the less aware are not motivated to take an effective stance.

In reply to by Jack Oliver

MoralsAreEssential JimmyJones Wed, 06/20/2018 - 10:22 Permalink

Because Rothschilds/Bloodlines/satanists which has controlled the world economy and its populations for thousands of years and from the sixteenth century ever more in absolute control fomenting wars, economic ups and downs and banking crashes with its "byproducts" of whether specific populations of humans live, die or survive ONLY to serve the interests of these DEMONS.  Whatever "deals" or compromises have been made today rest assured the GAME is still on as it has ever been.

In reply to by JimmyJones

Countrybunkererd Chupacabra-322 Wed, 06/20/2018 - 10:12 Permalink

So the plan is, you see, we make a giant, I think the term we discussed is ginormous, lipstick tube.  It is like printing a trillion dollar coin, in a way, but it has a reverse-inverse upside down forward looking in the rearview mirror effect that the coin does not.  If we see it doesn't have the effect we want we will print three of these coins a month from one pound of aluminum each, one for each bank, we don't think it will have effect on the price of aluminum overall.

In reply to by Chupacabra-322

OverTheHedge Countrybunkererd Wed, 06/20/2018 - 10:22 Permalink

That trillion dollar coin idea was all the rage a few years ago. A TRILLION dollars would put everything right. Now that's debt is up to 20 trillion, just in the US, and total world debt is at 230 trillion. 

Somehow, a paltry trillion dollars turns out to be not very much money at all. Given that there hasn't been a sudden influx of new land, minerals, etc, this can only mean that each individual dollar is worth quite a lot less than it used to be valued at. 

Unless new beachfront property in Hawaii is valued in the hundreds of trillions....

In reply to by Countrybunkererd

TeethVillage88s Chupacabra-322 Wed, 06/20/2018 - 10:17 Permalink

James Rickards & I think Martin Armstrong say the Fed Model uses False Assumptions... something about a tenancy to equalize in Trade... They pretend that Trade War didn't start in 2010 with QE... they pretend it is not a Currency War... They pretend that QE didn't export Inflation to Brazil, Egypt, China...

 

- To me National Economics demands Currency not be WRC, that Economics must be looked at as a closed system or pursued as if we wanted a closed system to preserve Jobs, Value of Currency, ... to me we don't want CFR Agenda that has been inflicted on us and our Currency... we don't want Inflation NOR do we want planned inflation

In reply to by Chupacabra-322

peopledontwanttruth HRClinton Wed, 06/20/2018 - 10:40 Permalink

If their voices were irrelevant it wouldn’t matter.  The fact they meet, everyone listens to the FOMC minutes to The Bilderburg meetings, G-7 meetings AND ALL THE ONES WE DONT KNOW OF and every time they sneeze the world gets a cold is all we need to know on who truly runs the world.   

Its not politicians.  The banksters and especially the hand in their backs as puppets run the world.  Money the biggest god of mankind 

In reply to by HRClinton

both jack bauers Wild Bill Steamcock Wed, 06/20/2018 - 09:56 Permalink

Wage and price targets for paper they print or provide digitally with the push of button. While the rest of us live and die, eat or starve, go to bed or sleep in the street, all for the same paper. While they simultaneously suppress any real market they choose with their collusion, buying each others debt as collateral on their "books". No checks. No oversight. No external input from the Citizens whose money they devalue. No audits. Great system. Yeah, these 4 assholes should decide what the paper in my pocket can buy me for a life time of work at any particular time. They should decide.

For the Unaware, the banks are god.

In reply to by Wild Bill Steamcock

peopledontwanttruth youngman Wed, 06/20/2018 - 10:55 Permalink

They know who, when and how much the spigot of “currency” is turned on.  They know money trumps common sense, loyalty and that once they get you through blackmail or corruption.  They’ve got another to work their magic of true wealth stealing.  They know most can’t resist the lure of easy money just like the song says.  

 

They know death, destruction and power. Greed and everything that’s vile.  They’re the slime and the parasites that feed off a host while killing it as a hollowed out shell.  

 

They know their god who isn’t the True God.  

In reply to by youngman

William Dorritt Wed, 06/20/2018 - 09:47 Permalink

The wage goal is

the median family income world wide at $4,000

  • Children educated to hate their Capitalist hetero racist parents, if the parents are European then they are even worse.
  • Families living in Eco 300 sq ft rented apartments
  • No one is allowed to own a car, and the automated ones only take you to pre approved locations managed by AI
  • For US Citizens we all get the bronze Obamacare plan while our life expectancy drops to 45.
  • Robot sex is pushed as the better "free safe alternative", if it keeps you out of the clutches of the Govt Industrial Divorce Complex there is some truth in it.
  • One day we notice all the vaccines, crap added to the food, plastics, water and EMI from phones and smart meters has sterilized all of the Prols, and we are quietly replaced by AI and Robots.
  • In the end, the Robots will be programmed using AI to become Marxist, Affirmative-Action, man-hating-lesbian-feminists and given the vote. The same program that has worked so well with women in Europe and N. Amerika. The robots will stop having sex with men and spend most of the day complaining that the judge only gave them 80% while voting for politicians and judges who give them even more free stuff.
William Dorritt Chupacabra-322 Wed, 06/20/2018 - 09:59 Permalink

80,000 US babies a month as human sacrifices to Molech, the God of Wash DC.

The "Law of the Land" Canard

 

Moloch

Moloch, also known as Molech, Molekh, Molok, Molek, Melek, Molock, Moloc, Melech, Milcom, or Molcom is the name of an ancient Ammonite god.

Moloch worship was practiced by the Canaanites, Phoenicians, and related cultures in North Africa and the Levant

Moloch - Wikipedia, the free encyclopedia

en.wikipedia.org/wiki/Moloch

In reply to by Chupacabra-322