Janet Yellen to be grilled again

July 13, 2017

A rather quiet day for announcements sees markets look towards events in the US.

Janet Yellen is again set to front the Senate Banking Committee to give testimony on the Semiannual Monetary Policy Report. This gives politicians a chance to grill the Fed Chair and discuss monetary policy settings for the US. This is an in depth meeting that really gets to the heart of the Fed’s thinking around monetary policy and their view of the economy. There will most likely be less volatility than yesterday due to the fact that most of the major points were discussed in yesterday’s testimony.

Another event to capture everyone’s attention is the ongoing Donald Trump/Russia saga. With Trump’s son coming out and saying that he had met with some Russian officials, it has now intensified speculation that Donald Trump himself may have colluded with Russia during the 2016 election. Even if he personally did nothing wrong, the perception that he might have, is not a good look for the administration. If it comes out that he did speak to Russian officials, but nothing pertaining to the election was discussed, his initial denial would cast doubt over his honesty and his suitability for office.

Elsewhere around the world, France has a bank holiday tomorrow, so remember to be mindful of your trading positions that may be affected by this.