All quiet this morning...
Ahead of Yellen and her band of Fed Speakers back to the front line of “news-flow” today – Trump/Clinton can eat cake!
The Dollar is up small (+0.1% at 95.54 USD Index) ahead of Janet’s testimony in front of the House Financial Services committee (a brilliant bunch indeed) and I wouldn’t be surprised if she tries to talk hawkish amidst acting dovish. Don’t forget that she’s a Democrat who wants to paint the economy as “good”, even though GDP will be reported at 1% tomorrow.
Meanwhile, Gold is down small on Fed Head speaker day (they don't like Gold). Another buying opportunity if you see $1315 or lower.
Anyone else getting tired of these guys and gals yet? Here's San Francisco Fed John Williams yesterday:
"It is getting harder and harder to justify interest rates being so incredibly low given where the U.S. economy is and where it is going. I would support an interest rate increase. I think that the economy can handle that. I don’t think that would stall, slow or derail the economic expansion."
Williams, retire buddy.
All in, this should be another "rates are up on Fed" yip-yap day, only because they bounced off low-end of Hedgeye's risk range.