An uneventful trading session yesterday made it a quiet session. The U.S indices finished up a few points. Dow +0,05%, S&P 500 +0,16% and Nasdaq +0,54%. Gold is running fast now. Trading at 1285,01. It seems like the market will open up today, but the rest of the day will be interesting.
Fed Chair Janet Yellen is testifying before the House Financial Service Committee. The testimony comes in two parts: first part is a prepared statement that is releases before the testimony. The second part is a Q&A part.
As a Fed chairman/woman you need to be careful for what you say. Wrong word can be a disaster in the stock markets and vica verse. Therefore; the second part in the testimony can be a very interesting moment for the traders.
Gold rose today on expectations that the Fed Chair Janet Yellen will stay the course in winding down bullion-frendly monetary stimulus. What will Janet Yellen say today? The financial markets are hoping for reassurance that the Federal Reserves bond purchases will continue for a long time to come. Gold also rise up on worries over debt-ceiling talk. Silver is trading at $20,04.
Janet Yellen has served the Fed in different roles over the past 36 years. In this testimony she has a unique chance to reintroduce her self to the rest of the world. She need to be able to answer questions about the unemployment rate. What is the bottom line? What is the expectations about the growth? How fast and how long will it take to grow in the long run? Wages growth or inflation?
Reports today: Fed Chair Janet Yellen testifies at 10:00am.
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