What matters at the most important central banker conference of the year

Dusseldorf Central bankers and economists have been traveling to Jackson Hole again since Thursday. The valley near Yellowstone National Park will be the scene of the most important central banker conference of the year at the weekend.

German Director Isabel Schnabel will be there for the European Central Bank (ECB). “However, economists, investors and economic experts are particularly excited about the opening speech by Jerome Powell, head of the US Federal Reserve,” says Wall Street expert Markus Koch in the podcast Handelsblatt Today. In an interview, he explains that Powell’s speech at the conference could provide more detailed information about the further monetary policy course of the central banks.

In recent months, Powell has repeatedly threatened to lose control of expectations about his monetary policy. The conference could reduce the nervousness of investors.

Also: Three weeks ago, the federal government decided on the gas surcharge. This is intended to protect energy suppliers, such as Uniper, who have come under financial pressure from the high gas prices, from excessive financial burdens. The costs are passed on to the consumers. For them, the gas price should increase by an average of 2.419 cents per kilowatt hour (kWh) from October – with an annual consumption of 15,000 to 20,000 kWh per year, an additional burden of 432 to 576 euros is calculated for an average household.

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Twelve companies have already filed claims for the total of 34 billion euros. But the support also benefits many energy importers, who are making profits despite the precarious market situation and the currently high gas prices.

As a result, the federal government is increasingly in need of explanations and is also facing criticism from its own ranks: even numerous politicians from the governing coalition have expressed their doubts. “It is already suspected in the industry that one or the other group will charge more than it actually has to. That could lead to problems in the long term,” agrees Klaus Stratmann, an expert on energy policy at the Handelsblatt. In the Handelsblatt Today podcast, he talks to Ina Karabasz about the latest gas price developments and decisions.

“I cannot imagine that the allocation will not take place in the short term. But you can make improvements as a first step and prevent unjustified additional payments to healthy companies. In a second step, you can finally talk about abolishing the surcharge,” complains Stratmann.

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