With the main European stocks markets still down heavily and the futures market indicating that New York will open lower, it appears that markets have little faith that central banks have the will to intervene. However, whilst we agree that China badly mishandled their stock market slump and recent currency devaluation, The Peoples Bank of China still has ample room to cut interest rates and have the financial resources to intervene as they have before. These are early days in a what still classifies as a stock market correction, rather than a crash, and central banks may be in no hurry to react to market volatility. This week we will see the gathering of central bankers at Jackson Hole mountain resort in Wyoming. In a market long of nerves and short on new news, all eyes will be on economic policy announcements coming from the summit and to throw light on when, or if, interest rates are likely to rise.