The Jackson Hole Symposium is around the corner, with the market focusing on policy stance, framework reform, and Treasury alignment.

BlockBeats News, August 28th, according to a synthesis of views from Morgan Stanley, JPMorgan Chase, UBS, Barclays, and Goldman Sachs, the market's attention on Federal Reserve Chairman Jerome Powell's first speech is mainly focused on three aspects.

The first suspense is whether Powell belongs to a clear hawkish camp or a neutral hawkish camp, and what level of inflation would trigger his support for a rate hike. Currently, the market is still unclear about his policy reaction function.

The second focus is whether Powell will adjust the Fed's policy framework, including the inflation framework, the balance sheet, forward guidance, the impact of AI on productivity, and the quality of economic data. Morgan Stanley believes that these long-term issues may be more important than whether there will be a 25 basis point rate hike in September.

The third focus is how Powell will handle the potential policy conflicts between the Fed and the Treasury Department. The U.S. Treasury is expanding long-term bond repurchases in hopes of lowering long-term financing costs; if the Fed maintains high interest rates to control inflation, it may keep long-term yields high. This speech may become an opportunity for Powell to explain the coordination between the two parties. (FXStreet)