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Janet Yellen and Mario Draghi will be there, but what about Graeme Wheeler?

Bonds
Janet Yellen and Mario Draghi will be there, but what about Graeme Wheeler?
<a href="http://www.shutterstock.com/">Image sourced from Shutterstock.com</a>

Federal Reserve Chairwoman Janet Yellen will be there. And European Central Bank President Mario Draghi will too.\

But the Reserve Bank of New Zealand won't confirm or deny whether its Governor Graeme Wheeler, or any of his staff, will attend.

This week the annual meeting of central bankers and economists takes place in Jackson Hole, Wyoming.

It'll be Yellen's first appearance at Jackson Hole as Fed chair since succeeding Ben Bernanke.

The dynamics of the labour market is the theme for this year's meeting, but as ever hints on the future direction of monetary policy will also be closely eyed.

According to Reuters, other speakers at Jackson Hole will include Bank of Japan Governor Haruhiko Kuroda, Central Bank of Brazil Governor Alexandre Antonio Tombini and Bank of England Deputy Governor Ben Broadbent.

With the Eurozone beset by deflation fears, there'll be plenty of interest in what Draghi has to say.

In his book Crisis, One Central Bank Governor and the Global Financial Collapse, ex-Reserve Bank Governor Alan Bollard wrote of his visits to Jackson Hole. These featured hearing from the likes of Bernanke, discussion and debate on the state of the world economy, plus hiking, enjoyment of the scenery and discussion on the local wildlife that includes moose, beavers and bears.

However, the Reserve Bank won't let on whether Wheeler or any of his underlings are attending this year.

"The Reserve Bank has a long-standing policy of generally not providing prior disclosure of travel arrangements relating to staff.  This includes not confirming, denying or otherwise discussing travel to Jackson Hole," a Reserve Bank spokesman said.

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6 Comments

NZ may benefit when the RBNZ governor attends, as he will discover that the USA currently maintains an overnight interest rate of 0 to .25%. He may also find out that the UK and the Eurozone holds a near zero % OCR. 

 

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Those countries with near 0% rates will be listening closly to what Mr Wheeler has to say, as they all wish they were in the position we are.

They could learn a great deal from his leadership.

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Do you really think?

If the UK & USA were running 6% interest rates their economies would be dead.

NZ has been lucky as a food commodity economy  - our sheltering from the GFC not due to our high interest rates.

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One of the reasons we are in the good shape we are is because of Mr Wheeler's solid guardianship of monetry policy.

That is now paying off with one of the highest growth rates in the OECD.

The US , UK, and Europe would wish to be in our position.

Well done Mr Wheeler.

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True. Every 1% increase for the USA would increase interest payments by $170 billion dollars. If they had the same rate as us it would cost them an extra $3.5 billion dollars per day in interest.

Dont think they'll be raising rates any time soon.

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Or Wheeler (if he attends) may be told: keep running NZ as a high interest, commodity based economy. We need NZ to play that role in the globalised scheme of things.  

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