US Fed chair Yellen speaking later. Here’s a couple of previews

US Fed chairwoman Yellen to give the annual NEC Herbert Stein lecture later today 20 OctYellen’s up to the mic at 23.30 GMT so markets will have little opportunity to react to anything of note. Could create some risk for Asian openings.
Eamonn posted these two previews earlier. Posting again in case you missed them.

  • Chair Yellen will deliver the annual NEC Herbert Stein Memorial Lecture in Washington. The topic is «Monetary policy since the financial crisis.»
  • We expect her to detail the Fed’s response to the financial crisis, including conventional and unconventional policies.
  • We expect little direct monetary policy contentas it relates to the likelihood of further near-term policy rate increases.

Deutsche Bank:

  • We do not anticipate any new incremental information that should affect odds of a December rate hike 
  • Yellen should stick to the central Fed narrative that inflation is likely to rise toward the Fed’s target over the medium term as growth remains above potential and the labor market tightens further.
  • However, we will pay close attention to her tone on inflation to discern whether last Friday’s softer core CPI print has introduced any additional uncertainty around this view.

I’m heading out now so I’ll wish you good trading and a great week-end. Thanks as always for your brilliant support and input.
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