All Eyes On Bernanke As He Testifies Before Congress

Ben Bernanke

Photo: Win McNamee/Getty Images

Federal Reserve Chairman Ben Bernanke will testify before Congress on July 17 / 18, to give his semi- annual monetary policy testimony.Since this is the first time Bernanke will be speaking after weak manufacturing and job reports, it will offer an insight into how the data is influencing the Fed’s discussion on further easing. Bernanke isn’t however expected to steer too far from the published FOMC statement

Bank of America analysts expect Bernanke to “continue to echo the Committee’s dovish sentiment, and promise that the Fed will take “appropriate action” to support the recovery — but not commit to any particular policy changes.”

Bernanke will also likely be quizzed on the fiscal cliff and the LIBOR-fixing scandal as “politicians look to score political points with the election approaching”.

Bernanke will testify before the Senate Banking Committee on July 17, and the House Financial-Services Committee on July 18.

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