Tuesday, September 6, 2016

Hmm, Let's See, Which Fed Officials Are Testifying Wednesday?

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*Two of the biggest hawks are testifying about the Fed's structure.
*In that conversation we expect hawkish statements to hit the press.
*If there are no official or semi-official Fed comments after Friday's jobs report these comments can take on market significance.
**Richmond Fed President Lacker discusses Friday's jobs. Not many other officials have come out yet.

If you're looking for some Fed commentary after Friday's Non-farm payrolls you're going to get it on Wednesday. The two hawkiest hawks testify before the House if the structure of the Federal Reserve is just. The topic does not officially surround short term rates but we'd guess everybody is going to be searching for Fed clues if we haven't gotten any by then. If not, Wednesday's clues are going to call for a rate hike which would be bearish for markets (NYSEARCA:SPY)(NASDAQ:QQQ)(NYSEARCA:IWM). One of these hawks, Fed President Lacker is also one of the only Fed officials to come out with comments after Friday's jobs report.
Hawks Testify Wednesday
Kansas City Fed President Esther George and Richmond Fed President Jeffrey Lacker speak to defend the structure of the Federal Reserve. You may not want to drop everything you're doing to listen to a run-on about how great the Federal Reserve is as it stands today. What is important is that these are two of the hawkiest Fed officials today.
Mother Hawk
First Fed President Esther George has been a dissenting voter calling for a rate hike. The street keeps accusing the Fed of wimping out. Fed Pres George cannot be accused of such ratings. She was the only "dissenter" this year. In March, April and July she called for rate hike.
Let's see what she said of late. Fed Pres George was interviewed two weeks ago by Bloomberg just ahead of Fed Chair Yellen's speech.
The following are quotes pulled from the video of this report (here):
"Its time to move."
She wants to hike.
"We're beginning to see signs of that in CPI."
Inflation is picking up.
"Appropriate to continue the process of normalization"
She wants to hike.
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