Fed Chair Janet Yellen will give a speech at 1:00 p.m today at Executives Club in Chicago about the economic outlook and could give the market some more clarity about the prospect of an upcoming rate hike amid rising expectations that the Federal Reserve could act as early as their next Fed meeting on March 15th to raise interest rates again.
Today U.S. stock indexes are trading flat in early trading and the dollar is trading lower against the euro ahead of Yellen’s afternoon speech.
Yesterday the Fed Governor Lael Brainerd said it will likely be appropriate “soon” to remove accommodation.
Some other Fed members will be provide speeches today.
Federal Reserve Vice Chairman Stanley Fischer, Chicago Federal Reserve Bank President Charles Evans, and Richmond Federal Reserve Bank President Jeffrey Lacker will be discussing inflation expectations at at Chicago Booth’s 2017 US Monetary Policy Forum in New York City.
Next Friday’s Job report for February will be closely scrutinized before Fed members convene for their 2 day March Fed meeting in Washington D.C. that concludes on March 15th.
Earlier this week, U.S. consumer confidence rose in February to a 15 yr. high and U.S. stock indexes reached all time highs amid rising hopes of President Trump’s promise to lower taxes, weaken regulations, and provide infrastructure spending.
Specific details of Trump’s tax cut plans continue to remain in the dark.
During a speech before Congress on Tuesday President Trump explained that his economic team is developing historic tax reform that will lower the tax rate on our companies so they can better compete and thrive.
Trump also claimed he will provide a “massive” tax relief for the middle class.