Fed chair Jerome Powell’s testimony is the main item on the agenda
Here’s the rundown for Fedspeak today:
0550 GMT – Fed’s George speaks in Helsinki
1230 GMT – Fed chair Powell’s testimony is released
Powell will testify before the House Financial Services panel later today but his testimony will be released beforehand for markets to scrutinise. So, just be aware of the two timings here as he will then speak before the panel at 1400 GMT. The testimony is a semiannual report on monetary policy so look out for any clues that could affect expectations ahead of the next FOMC meeting later this month.
1400 GMT – Fed chair Powell testifies before the House Financial Services panel
Powell will begin his testimony at this time so just be wary of any additional commentary he may add depending on the questions thrown back at him by the panel.
1730 GMT – Fed’s Bullard speaks in St Louis
1800 GMT – June FOMC meeting minutes released
It won’t just be all about Powell today as we will also have the June FOMC meeting minutes to digest. This will offer some insight as to what Fed members were discussing when they shifted their stance to be more dovish last month.