Soccer is also taking second place in Nick Twidale’s schedule as he braces for the fallout from the Fed chair’s speech.
“Last year I’d have been watching sport with Powell in the background,” said the Asia Pacific chief executive at FP Markets in Sydney. “Powell supersedes West Ham in priorities tonight.”
Done Deal
To be sure, not everyone is staying up.
Darren Langer, co-head of Australian fixed income at Yarra Capital Management, is one of them. Experience has taught the 30-year bond veteran that central bankers tend to telegraph their policy thoughts well ahead of the symposium, so sitting up for it “is not going to really change our view” on markets.
“It’s usually a cerebral love fest for the central banks to sort of talk more about central banking policy than it is necessarily about immediate concerns,” said the Sydney-based fund manager. “Press conferences tend to be sometimes where they might let something slip, but the Fed speak has been all from the same sheet.”
Others like Akira Takei, a money manager at Asset Management One Co., also plan to relax while keeping an eye on Powell.
“I may watch it, kicking back and watching like a YouTube program,” said Takei, whose Tokyo-based company oversees $524 billion. “He will deliver hawkish remarks like he has done in the recent past. The question is how the market will take them.”
Hangover Relief
While some are more sanguine, it’s safe to say that the majority of Asia-based traders will be on their toes as Powell briefs the world on his monetary policy thoughts.
Tony Sycamore is definitely not missing any of the action even though the key event kicks off at midnight in Sydney. He’ll be taking notes with a glass of wine by his side as the speech unfolds.
“Jackson Hole trumps all Fed events,” said the senior market analyst at City Index. “You could say it interfered with many of our Friday nights over the past few decades, it probably saved us a few hangovers as well.”
Back in Seoul, Heo Pil-Seok will tune in to the key address from the backseat of his sedan on his way home late Friday evening.
“I’ll be trading right away from my smartphone while listening to Powell,” the chief executive at Midas International Asset Management said. “On a night with such a huge event, I could be up all night watching the market through dawn.”
This article was provided by Bloomberg News.