STAMP이란 무엇인가

On August 28, Friday, the dollar remained near a one-week high against major currencies as investors stayed cautious ahead of Federal Reserve Chairman Waller's upcoming speech at the Jackson Hole Global Central Bank Annual Meeting. With U.S. inflation consistently above the 2% target level, traders have priced in at least one rate hike of 25 basis points by the Fed this year, which has supported the dollar's performance in recent trading days. The market broadly hopes to gain more insights from Waller's speech regarding monetary policy and the U.S. Treasury's efforts to lower long-term financing costs, especially given the recent volatility in the bond market. However, analysts believe that since Waller has been reluctant to provide clear forward guidance, he is more likely to discuss the latest developments of the five special working groups established during his early tenure at the Fed. Volkmar Baur, a foreign exchange and commodities analyst at Deutsche Bank, stated in a report that Waller has repeatedly emphasized in recent weeks that the Fed's 2% inflation target is non-negotiable, but he has never explicitly mentioned the PCE price index in this context. Baur believes that the Fed may at least be considering adopting different inflation measurement metrics. He noted that if Waller signals such a possibility, it could weaken market expectations for further rate hikes and be interpreted as a dovish signal, potentially putting pressure on the dollar.

On August 28, Friday, the dollar remained near a one-week high against major currencies as investors stayed cautious ahead of Federal Reserve Chair Waller's upcoming speech at the Jackson Hole Global Central Bank Conference. With U.S. inflation consistently above the 2% target level, traders have priced in at least one rate hike of 25 basis points from the Fed this year, which has supported the dollar's performance in recent trading days. The market generally hopes to gain more insights into monetary policy and the U.S. Treasury's efforts to lower long-term financing costs from Waller's speech, especially given the recent volatility in the bond market. However, analysts believe that since Waller has been reluctant to provide clear forward guidance, he is more likely to discuss the latest developments of the five special working groups established during his early tenure at the Fed. Volkmar Baur, a foreign exchange and commodities analyst at Commerzbank, noted in a report that Waller has repeatedly emphasized in recent weeks that the Fed's 2% inflation target is non-negotiable, but he has never explicitly mentioned the PCE price index in this context. Baur suggests that the Fed may at least be considering adopting different measures of inflation. He stated that if Waller signals something similar, it could weaken market expectations for further rate hikes and be interpreted as a dovish signal, potentially putting pressure on the dollar.

Allianz Chief Advisor Mohamed El-Erian stated: "Federal Reserve Chair Waller is about to deliver his first keynote speech at Jackson Hole during his tenure. At this important moment, he faces a delicate challenge: how to respond to the high and diverse expectations from the market and various sectors. On one hand, some hope he will continue the tradition of previous Fed chairs by providing forward guidance while detailing his current policy response mechanism, specifically how the Fed will make policy decisions in response to economic data and changing circumstances. On the other hand, there are those who hope he will return to the original long-term strategic focus of this unique conference. This means placing more emphasis on the increasingly complex domestic economic and policy issues in the U.S., driven by technological innovation and geopolitical economics that are prompting deep structural changes. Balancing these two expectations is no easy task. This balance is not only difficult to achieve but is also unlikely to satisfy everyone. Additionally, policy factors outside the Fed further complicate decision-making. However, Waller's speech will undoubtedly provide an important window for the public to gain deeper insights into the policy philosophy and leadership style of the new Fed chair. Personally, I hope his speech will focus more on long-term structural issues, especially given the significant internal disagreements within the FOMC at this time."