A double dose of Fed Chairwoman Janet Yellen this week. Wednesday, July 12 she will give her semi-annual monetary policy testimony, (formerly known as the Humphrey-Hawkins testimony) before the House Financial Services Committee.
A double dose of Fed Chairwoman Janet Yellen this week. Wednesday, July 12 she will give her semi-annual monetary policy testimony, (formerly known as the Humphrey-Hawkins testimony) before the House Financial Services Committee.Next day, Thursday, July 13 Yellen will stay on Capitol Hill testifying before the Senate Banking Committee. Investors will be listening for rate hikes, her thoughts on the Trump administration and the GOP’s fiscal plans for spending and tax reforms.
Wednesday at 10 a.m. ET – Humphrey-Hawkins semiannual testimony on monetary policy before the Senate Banking Committee
Thursday at 10 a.m. ET – Testimony continues before the House Financial Services Committee.
In between we get the Fed’s Beige Book and Kansas City Fed President Esther George will speak in Denver
On Thursday the U.S. Treasury budget and Fed balance sheet are also due. Chicago Fed President Charles Evans is scheduled to speak in Victor, Idaho. From where I sit the Fed has been all about helping the banks (no surprise) started off with the Federal Reserve decision to raise rates which helped banks. Most recently U.S. banks passed Fed stress tests and were allowed to raise dividends and share buybacks. Who did that help?
Semiannual Monetary Policy testimony (formerly known as the Humphrey-Hawkins testimony)
The Chairman of the Board of Governors is called on to offer oral testimony about the report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services to the House of Representatives.
Monetary Policy Reports are mandated by the Humphrey-Hawkins Full Employment Act of 1978, which required the Federal Reserve to formally report on its activities to Congress. The Monetary Policy Reports were previously referred to as Humphrey-Hawkins reports.
The Monetary Policy Report is delivered twice a year, in February and July, and reports the basic state of the United States economy and its financial welfare. Each report contains two sections. The first section summarizes past policy decisions and their predicted economic impact. The second section focuses on recent financial and economic developments.