US: Yellen’s testimony and Fed’s Beige Book in focus - TDS

Analysts at TDS suggest that Fed Chair Yellen’s testimony will be most important economic event for the day in addition to the release of Fed’s beige Book.

Key Quotes

“Fed Chair Yellen will testify in front of the House Financial Services Committee at 10:00 ET as part of her semi-annual Monetary Policy Report to Congress. Yellen’s opening remarks will be published at 8:30 ET and are likely to reflect the developments flagged in the report published last Friday. On the outlook, we expect Yellen to repeat that inflation should rebound and that balance sheet normalization should begin “relatively soon.”

“We will also receive the Fed’s Beige Book at 14:00 ET in the afternoon, which will contain an overview of regional economic conditions heading into the July meeting, and Kansas City Fed President George (non-voter, hawk) will speak on the outlook at 14:15 ET.”