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| All eyes on Yellen as Jackson Hole kicks off - business live | All eyes on Yellen as Jackson Hole kicks off - business live |
| (35 minutes later) | |
| 8.22am BST | |
| 08:22 | |
| The Jackson Hole economic symposium has been hosted by the Federal Reserve Bank of Kansas City since 1978. | |
| Representing the Bank of England are Minouche Shafik, deputy governor for markets and banking, and Kristin Forbes, an external member of the Bank’s Monetary Policy Committee. | |
| Bank of England governor Mark Carney, and European Central Bank president Mario Draghi, will not attend. | |
| A look at Jackson Hole summits through the years https://t.co/YZSykI2BIA pic.twitter.com/q3R43da6ID | |
| 8.06am BST | |
| 08:06 | |
| Also coming up today... | |
| We will get the second estimate of UK growth in the second-quarter from the Office for National Statistics. Economists polled expect growth to be confirmed at 0.6%. | |
| But Michael Hewson, chief market analyst at CMC Markets, says there is a risk that the number could be revised lower, “particularly since we did see some evidence of a slowdown in late May and June as the referendum date approached”. | |
| The latest estimate will provide more details on how the different parts of the economy performed between April and June. | |
| So far the consumer side of the economy appears to have held up well since the Brexit vote on 23 June, but those numbers as well as business investment figures will be closely scrutinised in the coming months for signs of waning confidence. | |
| In the US (before Yellen speaks at 3pm UK time) we will get the second estimate of Q2 growth from the world’s largest economy. | |
| 7.57am BST | |
| 07:57 | |
| European markets are expected to open slightly lower this morning as traders pause for breath before Yellen’s speech. | |
| Our European opening calls:$FTSE 6816 down 1$DAX 10519 down 11$CAC 4400 down 6$IBEX 8590 down 10$MIB 16703 down 8 | |
| 7.47am BST | 7.47am BST |
| 07:47 | 07:47 |
| The agenda: Janet Yellen speaks at Jackson Hole | The agenda: Janet Yellen speaks at Jackson Hole |
| Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. | Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. |
| The day has finally arrived. At 8am Mountain Time, or 3pm UK time, the chair of the US Federal Reserve Janet Yellen will deliver her keenly anticipated speech at the 2016 Jackson Hole symposium. | The day has finally arrived. At 8am Mountain Time, or 3pm UK time, the chair of the US Federal Reserve Janet Yellen will deliver her keenly anticipated speech at the 2016 Jackson Hole symposium. |
| The event is hosted by the Federal Reserve Bank of Kansas City, and got underway last night with a reception and dinner at the Jackson Lake Lodge in Grand Teton National Park, Wyoming. | The event is hosted by the Federal Reserve Bank of Kansas City, and got underway last night with a reception and dinner at the Jackson Lake Lodge in Grand Teton National Park, Wyoming. |
| The full agenda for the meeting of the world’s central bankers can be found here. This year’s theme is Designing Resilient Monetary Policy Frameworks for the Future. | The full agenda for the meeting of the world’s central bankers can be found here. This year’s theme is Designing Resilient Monetary Policy Frameworks for the Future. |
| But the main event awaited by investors all week is Yellen’s speech. The title of the speech is The Fed’s Monetary Policy Toolkit, but traders and commentators will be looking specifically for any hints on the timing of the next Fed rate rise. | But the main event awaited by investors all week is Yellen’s speech. The title of the speech is The Fed’s Monetary Policy Toolkit, but traders and commentators will be looking specifically for any hints on the timing of the next Fed rate rise. |
| This is what markets have been waiting for all week. We will bring you commentary in the run-up to the speech, the speech itself, and reaction thereafter. Thank you for joining us. | This is what markets have been waiting for all week. We will bring you commentary in the run-up to the speech, the speech itself, and reaction thereafter. Thank you for joining us. |