Jackson Hole Fed gathering is the highlight of this quiet week - BBH

Research Team at BBH, suggests that the Jackson Hole Fed gathering at which Yellen speaks tomorrow is seen as the highlight of this quiet week. 

Key Quotes

“Two of the three Fed leaders have already provided their general take on the economic outlook and prospect for a Fed hike this year.  It seems unreasonable to expect Yellen substantially deviate, to the extent that she deals with immediate issues as opposed to  addressing the topic of the title of the symposium: " Designing Resilient Monetary Policy Frameworks for the Future."

Although a September hike seems unlikely, there is nothing to be gained from Yellen ruling it out.  The Fed wants investors to know that every meeting is actionable, though there is no precedent for a move in November, the month of the national election.  According to the Fed funds futures, the market has upgraded the odds of a September hike to 28% as of yesterday from 18% on August 1 and 26% on August 5 after the US jobs data.”