Fed Speakers in focus: in the wake of yesterday’s Donald Trump conference, traders turned their attention to Fed. Who will speak and what will be discussed?
12 January, AtoZForex – Today promises to be a noisy day in the markets, as yesterday we saw Donald Trump conference. Moreover, a series of Federal Reserve speeches are scheduled today, thus fueling the markets’ buzz.
Markets post -Trump
The markets are heated, as today is the last trading day before the release of the Q4 earnings. Stocks appeared choppy on Wednesday. However, they managed to close firmer, with the Dow reaching 19,954 and the S&P 500 hitting 2,275. Moreover, the Nasdaq has finished at a record 5,563.
At his first post-election conference, Donald Trump has triggered activity in the markets to a certain level. He appeared to criticize the pharmaceutical sectors for the pricing practices. Moreover, Donald Trump highlighted that he does not favor the drug production outside the US.
However, Mr. Trump did not specify any information regarding his policies of the tax cut and governmental spending increase. The broader market has reversed losses, yet biotech stayed under pressure. The iShares Nasdaq Biotech EFT closed 3 percent lower. Donald Trump also stressed that he intends to stop the industry from “getting away with murder.”
President-elect also reiterated that he would make Mexico pay for the wall on the border. Such information has dragged the Mexican Peso even lower. Moreover, Trump’s intentions to revise the North American Free Trade Agreement (NAFTA) have weighed on MXN.
Fed Speakers in focus
Today, markets are closely eyeing the imminent Fed speeches, where the St. Louis Fed President James Bullard is scheduled to speak first. Fed Chairwoman Janet Yellen will wrap up the series of speeches with the meeting at the town hall.
Moreover, today we can expect a significant economic data from the US. This includes US weekly jobless claims and import prices. Both the releases are scheduled at 8:30 AM ET. Additionally, markets expect the federal budget announcement at 2 PM.
Below you can find the schedule of the key Fed Speeches for 12 January 2017:
8:30 AM ET—Philadelphia Fed President Patrick Harker in Malvern, Pa. will speak at the Main Line Chamber of Commerce Annual Meeting. He will mainly cover the economic outlook.
8:45 AM ET—Chicago Fed President Charles Evans and Atlanta Fed President Dennis Lockhart in Naples, Fla. They will speak at the American Council of Life Insurers Executive Roundtable.
12:30 PM ET—Atlanta Fed President Dennis Lockhart in Naples, Fla. will speak at the Naples Chamber of Commerce on the economic outlook and monetary policy.
1:15 PM ET—St. Louis Fed President James Bullard in New York at the Forecasters Club of New York.
1:45 PM ET—Dallas Fed President Rob Kaplan in Dallas at the Dallas Regional Chamber Annual Meeting.
7:00 PM ET—Federal Reserve Board Chair Janet Yellen will hold a town hall meeting with educators from the US. Markets expect Yellen to talk about the Fed’s mission and answer audience’s questions.
Think we missed something? Let us know in the comments section below.