Powell kicks it all off at 10am US Eastern time (1500 GMT):
- Powell testimony Wednesday will likely see yields rise
- Federal Reserve Chair Powell speaking in Congress on Wednesday, preview: "Less hawkish"
And then plenty more.
1700 GMT / 1200 US Eastern time: Federal Reserve Bank of San Francisco President Mary Daly speaks before the 2024 National Interagency Community Reinvestment Conference
1900 GMT / 1400 US Eastern time: Federal Reserve issues the Beige Book
2015 GMT / 1515 US Eastern time Federal Reserve Bank of Minneapolis President Neel Kashkari participates in Q&A session hosted before the Wall Street Journal CFO Network Summit
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Apart from Powell, Kashkari looks to have the best opportunity to make comments pertinent to traders.
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The Federal Reserve Beige Book will be pored over also.
- released eight times a year
- provides anecdotal information and economic analysis of current economic conditions in each of the twelve Federal Reserve Districts
The Beige Book is typically published about two weeks before each meeting of the Federal Open Market Committee (FOMC).
Purpose: The primary purpose of the Beige Book is to offer policymakers at the Federal Reserve insight into the current state of the economy. It provides information that is not necessarily reflected in the more traditional economic indicators, such as GDP growth, unemployment rates, or inflation data.
Data Sources: The information contained in the Beige Book is gathered from a wide range of sources, including interviews with business leaders, economists, market experts, and other knowledgeable individuals in each of the twelve Federal Reserve Districts. This qualitative information helps to complement the quantitative economic data collected by the Federal Reserve.
Structure: The Beige Book is organized into sections, each covering one of the twelve Federal Reserve Districts. Each section contains a summary of economic conditions in that district, including information on sectors such as manufacturing, real estate, agriculture, and services.
Content: The report typically includes information on employment and labor market conditions, wage trends, consumer spending, business investment, and inflation pressures. It also highlights any notable trends or developments in each district.
Use by the Federal Reserve: The information in the Beige Book helps Federal Reserve policymakers make informed decisions about monetary policy, including whether to raise or lower interest rates, in order to achieve the Federal Reserve's dual mandate of promoting price stability and maximum sustainable employment.
