ECB Worries Over US Unilateral Moves at Jackson Hole
European Central Bankers (ECB) left the Jackson Hole Economic Symposium concerned about the durability of global cooperation norms and potential turbulence in transatlantic relations, according to sources familiar with the discussions. The event brought together policymakers who voiced unease about recent U.S. actions.
Recent U.S. Treasury intervention to support the Japanese yen involved selling euros without advance notice, infuriating European officials. One source described this lack of notification as 'infuriating,' noting that such moves typically warrant a courtesy call.
The U.S. Treasury Secretary confirmed the yen purchase and described it as a reallocation of resources from the Exchange Stabilization Fund, emphasizing its aim to counter disorderly yen movements and support global financial stability.