Global traders cancel happy hour, brace for Powell in late-night watch

From canceling Friday night trips to the pub to pushing back soccer practice, global investors are pulling out all the stops to ensure they’re ready for the most important gathering of central bankers this year.

Min Gyeong-won is taking no chances as the countdown begins to the Federal Reserve’s landmark Jackson Hole event, where Chair Jerome Powell is expected to restate his resolve to fight inflation and push back against bets he will take his foot off the pedal next year.

Instead of chowing down on fugu -- a delicacy involving poisonous blowfish -- and enjoying Happy Hour at Busan Bokjib in Seoul, he’ll be glued to his screens as Powell takes center stage. 

“This is more important than jobs data in the US, and even more than previous Jackson Hole meetings,” the economist at Woori Bank said. “Usually there are meetings in the pub on Thursday or Friday night, but I’m not going to make an appointment tonight.”