Global central bankers gather to wean the world off cheap money
By CGTN’s Jade Barker
["north america"]
Global central banks are gathering Thursday in Jackson Hole, Wyoming to figure out how to exit huge government stimulus packages which started after the financial crisis.
Since the 2008 financial crunch, central banks around the world have used huge stimulus packages to try and stabilize the global economy. 
But at this year’s meeting, after a decade of low-interest rates and bond buying known as quantitative easing, pressure is mounting on policy makers to explain what they intend to do next. 
VCG Photo

VCG Photo

Experts say the financial markets are keeping an eye on the meeting, but few are expecting any new ideas about how to manage the global economy.
"I'm not really expecting any major hints about an impending policy move. There will be speeches from central bankers, occasionally they do use these to drop hints to the market about future policy moves over maybe a shift in monetary policy direction, but that's really the exception rather than the rule," said Paul Sheard, Chief Economist at S&P Global. 
The European Central Bank is under the spotlight, after President Mario Draghi made a splash at the 2014 talks by unveiling a 2.7 trillion US dollar bond. The stimulus aims to prop up the eurozone economy. 
And with that now back on track, experts say global markets are waiting for any hint from Draghi if he is ready to start withdrawing that stimulus.
"They've committed to continue with the 60 billion euro monthly purchases until at least the end of this year and until really they're satisfied they've achieved their goal. So it's really around a hint that they're getting more confident or they are getting closer to achieving their goal," Sheard stressed.
But the European Central Bank might not be the core concern this year. 
The US seems to hold the key of the global economy, as the Federal Reserve (Fed) raised rates twice this year and pledged to reduce the 4.5 trillion US dollar stack of bonds on its balance sheet.
Experts worry that if Fed Chair Janet Yellen signals a shift in policy, the rest of the world will follow step, which could have great influence on the global market.
"What central banks are doing with asset programs is unprecedented, we've never seen this before and this has been playing in the market for the past 10 years. So they don't know bond yields are very low. So they're hoping if they can be transparent and orderly in bringing the balance sheet down it will all be very orderly but no-one really knows," noted Jim Glassman, Head Economist at Chase Commercial Bank.