This year was no doubt an unprecedented one with several rattling events worldwide. Those included the emergence of new COVID-19 strains, the start of vaccination roll outs, major natural disasters around the globe, heightened climate change negotiations, global disruption of supply chains, and rocketing inflation rates. We have discussed in previous articles major 2021 events, including outcomes of the COP26 in Glasgow, the dovish reactions of major central banks to rising inflation, the Build Back Better Act, and supply chain distortions.
In this article, we closely present the major U.S. and Global events to look forward to in 2022.
Here is the detailed timeline.
Jan. 17, SWITZERLAND: CANCELED DUE TO COVID! The World Economic Forum (WEF) Annual Meeting was scheduled to take place during 17-21 January in Davos, Switzerland. The WEF was established in 1971 as an independent non-profit international organization for public-private cooperation. The forum’s mission is to “engage the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas.” The 2022 meeting was to be held under the theme of “Working Together, Restoring Trust,” with the promise of being the first “truly global leadership event to set the agenda for a sustainable recovery.” Leaders were expected to jointly address the economic, political, social and environmental problems worsened by the pandemic(insert irony here), while focusing on issues of sustainability, utilizing the technologies of the Fourth Industrial Revolution, and encouraging stakeholder capitalism and a more inclusive labor force.
Jan. 25, UNITED STATES: The first Fed Monetary Policy Committee meeting of the year will be held on 25 Jan 2022. The Federal Open Market Committee (FOMC) is expected to meet eight times next year with its first to be held at the end of January. We’ve discussed in a previous article how the major central banks have been reacting to the rising inflationary pressures. In its last meeting in November, the Fed announced its decision to start tapering off the $120-billion-a-month asset purchase program, while leaving interest rates unchanged. The committee is set to hold its last two-day meeting for 2021 on 14-15 December. Expectations for the 2022 meetings will largely depend on what happens in this weeks’ meeting. Investors and other market leaders are closely watching for the new inflation forecasts, with questions around whether the central bank will choose to accelerate the tapering off and begin increasing interest rates.
Jan. 25 (exact day TBA), UNITED STATES: President Joe Biden is expected to give his State of the Union (SOTU) address to the Congress in late January 2022, as mandated by Article II, Section 3 of the United States Constitution, to provide “information of the state of the union, and recommend to their consideration such measures as he shall judge necessary and expedient.” Biden first addressed the Congress on 28 April 2021. It will be a fascinating reset for the Biden administration after the defeat of BBB by Sen. Manchin.
Feb. 3, GERMANY and UNITED KINGDOM: Another two major Monetary Policy Committees of the European Central Bank (ECB) and Bank of England (BoE) are set to meet early next year to announce further decisions on policy reactions to inflation. Both banks have announced unchanged monetary policies in their latest October/November meetings, keeping interest rates near zero with no changes to their asset-purchasing programs (see previous article). Both central banks will hold their last meetings for 2021 later this week on the 16th of December. The BoE is also expected to publish its February 2022 Monetary Policy Report. Eyes will be on whether decisions to start raising interest rates will happen this year or will be postponed to the coming 2022 meetings.
Feb. 4, CHINA: In less than two months, the 24th Winter Olympic Games are scheduled to take place between 4-20 in Beijing, China. While starting the year with this international sport event might be a global spark of optimism in the wake of the COVID-19 pandemic, the Chinese Olympics are creating major political discontent. Several countries, including the U.S., Australia, and the U.K, decided to diplomatically boycott the event due to the accusations of Chinese genocide against Uyghur Muslim communities. China, on the other hand, has warned the boycotting countries that they “will pay the price for their mistaken acts”.
Feb. 5, UNITED STATES: Moving back to the United States, Jerome Powell’s term will end on 5 February. Powell has been appointed as the chairman of the Board of Governors of the Federal Reserve System since February 2018. President Biden announced that he will nominate Powell for a second term as Chair. With Powell leading the central bank, investors expect that moving forward the policy will be to maintain the “patient” position towards inflation and low interest rates. Powell will be navigating turbulent economic winds from COVID, inflation and Congress.
Feb. 18, UNITED STATES: The Intergovernmental Panel on Climate Change (IPCC) will publish its Working Group II contribution to the Sixth Assessment Report, following the approval session on 14-18 February. It will be titled “AR6 Climate Change 2022: Impacts, Adaptation and Vulnerability.” This report comes as the second addition to the “Sixth Assessment Report”, for which the first contribution was published in August 2021 under the title “Climate Change 2021: The Physical Science Basis”.
Feb. 18, UNITED STATES: The Government Funding at fiscal year 2021 will expire on 18 February 2022. This comes after President Biden’s signature on 3 December 2021 of the “Further Extending Government Funding Act”, which continues funding through February 18. With the deadline approaching, congressional leaders are hoping to complete work on the 2022 Appropriations Bill.
Feb. 20 (exact day TBA), UNITED STATES: While the exact date is yet to be set, the Fed Chair will give a testimony to the Congress on or about February 20. As per the Federal Reserve Act, the Board is expected to submit the Monetary Policy Report to the Congress along with a testimony from the Chair, semi-annually in February and July. The report is submitted to the Senate Committee on Banking, Housing, and Urban Affairs and to the House Committee on Financial Services. This is to provide discussions of “the conduct of monetary policy and economic developments and prospects for the future.”
March. 1 (exact day TBA), SWITZERLAND: On the scientific frontier, the European Council for Nuclear Research (CERN) will hold Run 3 of The Compact Muon Solenoid (CMS) in March 2022. The CMS is one of the major experiments of the Large Hadron Collider (LHC) at CERN. CMS is a particle detector “designed to see a wide range of particles and phenomena produced in high-energy collisions”. CMS data can be used by scientists to answer questions as “What is the Universe really made of and what forces act within it? And what gives everything substance?” So far, two Runs of data-taking have been in place. While the third Run is expected to begin at the start of March 2022, the exact day is yet to be announced. Also, the 12/22/21 launch of the James Webb telescope and watching to see how smoothly it starts to send pictures.
March. 9, SOUTH KOREA: The 20th Presidential Election of the Republic of Korea will be held on the 9th of March 2022. This will be the eighth presidential election since democratization. This comes after the end of President Moon Jae’s five-year term.
March. 10, GERMANY: The ECB will hold its second monetary policy meeting of the year followed by a press conference on the 10th of March in Frankfurt.
March. 15, UNITED STATES: In the United States, the Fed Monetary Policy Committee will follow with a two-day meeting on 15-16 March, marking the second monetary policy meeting of the year. The march meeting is expected to be coupled with a Summary of Economic Projections, including forecasts on real gross domestic product (GDP) growth, inflation, and unemployment over the long run.
March. 17, UNITED KINGDOM: In a series of central bank meetings, the BoE Monetary Policy Committee will hold its second meeting of the year on the 17 March.
March. 25, UNITED STATES: The IPCC will publish its Working Group III contribution to the Sixth Assessment Report, titled “AR6 Climate Change 2022: Mitigation of Climate Change.” This will follow the approval session on 21-25 March.
March. 27, HONG KONG: The 2022 Election of the Hong Kong Chief Executive will take place on 27 March 2022. The Chief Executive is the head of the Hong Kong Special Administrative Region, acting as the head of the government and is responsible for “implementing the Basic Law, signing bills and budgets, promulgating laws, making decisions on government policies and issuing Executive Orders.” The current Chief Executive, Carrie Lam, has been appointed since July 2017, being the first female to serve in this position.
April 10, FRANCE: In Europe, the world is expecting to witness the French Presidential Election on 10 April. The French elections follow a double ballot system with two rounds of elections. If in the first round no candidate wins a majority vote (over 50%), a second round is held two weeks later between the top two candidates. The current President Emmanuel Macron has been appointed in 2017 for a five-year round and, according to the French law, can be re-elected for a second term. Outcomes of Polls have shown Macaron well ahead of other competitors, raising expectations of him winning a second term.
April 14, GERMANY: The ECB’s Monetary Policy Committee is expected to meet again on 14 April for its third meeting of the year.
April 22, UNITED STATES: The 2022 Spring Meetings of the World Bank (WBG) and the International Monetary Fund (IMF) are expected to take place between 22-24 April in Washington, DC. The WBG and the IMF are two of the largest International Financial Institutions (IFIs), each with around 190 member countries. The WBG comprises five institutions that work for “sustainable solutions that reduce poverty and build shared prosperity in developing countries.” The IMF works with a mission to “foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.” Both organizations hold two joint meetings every year, the Spring and Annual (Fall) meetings, which “bring together central bankers, ministers of finance and development, private sector executives, civil society, and academics to discuss issues of global concern, including the world economic outlook, global financial stability, poverty eradication, jobs and growth, economic development, and aid effectiveness.”
May 3, UNITED STATES: The Fed Monetary Policy Committee will start its two-day meeting, to mark the third meeting of the year.
May. 5, UNITED KINGDOM: The BoE Monetary Policy Committee will also follow with its third meeting of the year, which will also be coupled with the May 2022 Monetary Policy Report.
May 9, PHILIPPINES: The 2022 Philippine Presidential and Vice-Presidential Elections are set to be held on 9 May 2022. The current 76-year-old President Rodrigo Duterte, who has served for a single six-year term, is constitutionally banned from running for a second term. While he has previously announced that he will run for Senate, he withdrew his candidacy on 14 December. His previous intention to run for senate has been viewed as an attempt to stay in politics as a protection against his drug war accusations. Lots of controversies remain around the elections as his daughter is still running for vice president and his son for the mayor of Davao City.
June 9, NETHERLANDS: The ECB will hold its fourth monetary policy meeting of the year, this time in the Netherlands. The meeting will be followed by a press conference.
June 14, UNITED STATES: The Fed Monetary Policy Committee will follow with a two-day meeting on 14-15 June, marking the fourth monetary policy meeting of the year. The meeting is expected to be coupled with a Summary of Economic Projections.
June. 16, UNITED KINGDOM: The BoE Monetary Policy Committee will also meet on 16 June for its fourth and mid-year meeting.
July 1, UNITED STATES: The current ILWU-PMA contract will expire on 1 July 2022. The contract was signed in 2015 between the International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association (PMA). The ILWU represents thousands of workers at 70 ocean carriers and terminal operators that operate at the 29 West Coast Ports, for which the PMA is a broker on behalf of its member companies. When the workers’ contracts were negotiated in 2014, major slowdowns occurred at the West Coast Ports. The contracts have been extended in 2019 to expire in July 2022. Negotiations could be heated, causing major strikes and losses to shippers via supply chain disruptions. Discussions around port automations and the resulting replacement of workers should be the biggest issue on the table. Expect a 10%+ wage increase and yearly COLA adjustments.
July 6, UNITED KINGDOM: The 2022 UEFA European Women’s Football Championship is scheduled to take place between 2-31 July 2022 in England, under the Union of European Football Associations (UEFA). The competition is held every four years with 16 European women’s national teams competing for the prize.
July 21, GERMANY: The ECB Monetary Policy Committee to hold its fifth meeting for the year, followed by a press conference in Frankfurt.
July. 20 (exact date TBA), UNITED STATES: While the exact date is yet to be set, the Fed Chair is expected to give a second testimony to the Congress on or about July 20 of the Monetary Policy Report, as per the Federal Reserve Act.
July 26, UNITED STATES: The Fed Monetary Policy Committee is also scheduled to hold its fifth two-day meeting for 2022 on 26 July.
Aug. 4, UNITED KINGDOM: The BoE Monetary Policy Committee will convene its fifth meeting for 2022 as well as publishing its August 2022 Monetary Policy Report.
Aug. 26 (exact day TBA), UNITED STATES: The KC Fed’s Annual Jackson Hole Economic Symposium is expected to take place around 26 August, while the exact date is yet to be confirmed. This year’s conference took place on Friday, 26 August under the title “Macroeconomic Policy in an Uneven Economy”. The Jackson Hole Economic Symposium is one of the major central bank meetings in the world, held every year by the Federal Reserve Bank of Kansas City. The aim of the event is to bring together economists, academics, financial market participants, U.S. government representatives, and media representatives to discuss long-term economic policy issues.
Sep. 8, GERMANY: The ECB Monetary Policy Committee is expected to hold its sixth and first meeting for the last quarter of the year, followed by a press conference in Frankfurt.
Sep. 13, UNITED STATES: The 77th Session of the United Nations General Assembly will be held between 13-20 September in New York City. The General Assembly is the main policy-making body of the United Nations, which decides on the major appointments and budgetary approvals of the organization.
Sep. 15, UNITED KINGDOM: The BoE Monetary Policy Committee is to follow with its sixth meeting in 2022.
Sep. 20, UNITED STATES: In a series of global central bank meetings, the Fed Monetary Policy Committee meeting will also be held on 20 September, which will be associated with a Summary of Economic Projections.
Sep. 30, UNITED STATES: The IPCC will publish its final addition to the Sixth Assessment Report, titled “AR6 Synthesis Report: Climate Change 2022.” This will follow the approval session on 26-30 September. The report will integrate the findings of the three previous special reports, provided by Working Groups I, II, and II.
Oct. 2, BRAZIL: The 2022 Brazilian General Elections will take place early October, where the president, vice president, and the Congress will be elected. The current president Jair Bolsonaro, who was appointed in 2019, is expected to enter the elections for a second four-year term. Controversies have risen around Bolsonaro as he’s been accused of mis-handling the COVID-19 crisis with calls to charge him for “crimes against humanity”. The current president has also been accused of encouraging the Amazon rainforest destruction. The former Brazilian President, Luiz Inacio, is also expected to run for presidency now that he’s been cleared of previous corruption charges.
Oct. 14, UNITED STATES: The WBG/IMF annual meetings will be held from 14-16 October 2022 in Washington, DC, representing the fall meetings for 2022 and following the Spring meetings of April.
Oct. 27, GERMANY: The ECB Monetary Policy Committee will convene its seventh meeting for the year, followed by a press conference in Frankfurt.
Nov. 1, UNITED STATES: The Fed Monetary Policy Committee is also expected to hold its seventh meeting of the year on 1 November.
Nov. 3, UNITED KINGDOM: The BoE Monetary Policy Committee will follow with its seventh meeting for 2022 as well as its November 2022 Monetary Policy Report.
Nov. 8, UNITED STATES: The U.S. Midterm Elections will take place as President Biden’s term approaches the midpoint of his four-year term. Latest generic ballot polls on 9 December 2021 show republicans taking control of the House. At this point, expect potentially large shift of seats from Democrats to Republicans in the House enabling a shift in majority. Senate will be closer as more Republicans up for re-election than Democrats. 80% probability of split Congress, but watch the Republicans primaries to see if candidates are too extreme for general election.
Nov. 7, EGYPT: The 27th Conference of Parties (COP27) of the United Nations Framework Convention on Climate Change (UNFCCC) is set to be held next year in Sharm El-Sheikh, Egypt, between 7-18 November. The event follows the infamous COP26 that was convened in Glasgow this year.
Nov. 8, CHINA: The 20th National Congress of the Chinese Communist Party will take place between 8-11 November 2022 in Beijing. The event has been cited as the “most important meeting ahead of next year’s national congress” by the South China Morning Post. The congress is held every five years by the highest body in the party and usually involves major policy and leadership changes. The current Chinese President Xi Jinping, who came into office in 2012, is not expected to step down but to assume more power. As of March 2018, China has removed limits on presidential terms.
Nov. 21, QATAR: The 2022 FIFA Men’s World Cup is set to take place in Qatar between 21 November and 18 December. The event is regarded as the most prestigious sports tournament in the World and takes place every four years, with 32 nations competing against one another. Qualifications for the 2022 World Cup started on 6 June 2019. It has witnessed several delays due to the COVID-19 pandemic, however, with qualifications expected to end on 14 June 2022.
Dec. 13, UNITED STATES: December will be marked with a series of global central bank meetings for the end of the year. The Fed Monetary Policy Committee will start with its eighth and final meetings of the year on 13 December 2022, as well as its final Summary of Economic Projections.
Dec. 15, GERMANY and UNITED KINGDOM: Both the ECB and BoE Monetary Policy Committees are to hold their eighth and final meetings of 2022 on 15 December 2022.
OTHER EVENTS, with Dates Yet to be Announced
- Following the close of the COP26 last November, it has been decided that a “supervisory body” will start to work on carbon markets through two meetings in 2022, where it will start to set methodologies and administrative requirements for carbon markets. The exact dates for those meetings are yet to be announced.
- On 19 October 2021, the European Commission adopted its 2022 Commission Work Program setting the agenda towards “a post-COVID-19 Europe that is greener, fairer, more digital and more resilient.” The program is an ambitious set of 42 new policy initiatives around six headlines: A European Green Deal, A Europe Fit for the Digital Age, An Economy that Works for People, A Stronger Europe in the World, Promoting our European Way of Life, and A New Push for European Democracy. On the green side, the program is to “set Europe on a path to successfully achieving climate neutrality by 2050.” Exact dates for the 2022 agenda are yet to be announced.