Humphrey Hawkins testimony
Dollar Stronger on this Day of Important Developments
July 15, 2015
The dollar hit a high of $1.0954 per euro, strongest since July 7 and 4.4% above its June 18 low. The euro has also weakened against sterling is is barely remaining above 0.7000 per pound. Compared to Tuesday closing levels, the dollar has risen 0.7% against the Swiss franc, 0.5% versus the kiwi, 0.4% vis-a-vis […] More
Five Central Banks Share Spotlight
July 17, 2013
Federal Reserve Chairman Bernanke delivers his semi-annual monetary policy report before the House Financial Services Committee today. Formerly known as the Humphrey-Hawkins testimony, Bernanke is expected to draw a distinction between reducing quantitative easing and raising ultra-low interest rates. But the issue is not the lowness of the shortest end of the spectrum, which the […] More
Marking Time Ahead of Bernanke Testimony and U.S. Data Releases
July 17, 2012
Today’s main action will be in the United States. Fed Chairman Bernanke gives the first half of his semi-annual Humphrey-Hawkins testimony at 14:00 GMT before the Senate Banking Committee. Expectations exist that he may announce or strongly hint at new stimulus. H-H has through the years not been a typical venue for unveiling policy changes. […] More
Balancing the Twin Fed Policy Mandates
July 21, 2010
The Federal Reserve is a creation of Congress and mandated by that legislative branch to promote two objectives: price stability and maximizing employment. Because of this accountability to Congress, the Fed Chairman is required to testify before the banking committees of the Senate and House twice a year. These appearances typically occur in February and […] More
Wednesday Spotlight on Central Banks
July 21, 2010
The euro fell 0.7% against the dollar, 0.5% against sterling, and over 1% against the yen. Concern about Friday’s stress test results, which have been discredited already in the eyes of many investors, continues to rattle the European common currency even as European stocks advance. Commodity sensitive currencies are firmer. The loonie, kiwi, and Aussie […] More
Preview of Humphrey-Hawkins Testimony
July 20, 2010
On Wednesday and Thursday, Fed Chairman Ben Bernanke briefs both houses of Congress on U.S. economic conditions and prospects for monetary policy. This semi-annual ritual, formerly known as the Humphrey-Hawkins hearings, always has market-moving potential. One year ago in July 2009, Bernanke spoke about tentative signs of stabilization in the economy amid continuing dangers. A […] More
Next Week
February 19, 2010
Chairman Bernanke with a fresh four-year term will be back at Congress doing his semiannual rundown on monetary policy. It’s funny how the timing of Fed moves make so much more sense after the fact. The Fed did a good job of preparing the public for a possible discount rate hike in the not-distant future, […] More
