For the second straight week, we have a schedule chock-full of Federal Reserve speeches.
“There’s a lot to potentially move markets in this calendar, from a saloonful of Fed speakers through the week-ending payroll stuff,” says UBS economist Art Cashin.
Of course, we won’t get to see that “payroll stuff” should the federal government shutdown at midnight, temporarily furloughing employees at the Bureau of Labour Statistics and other “non-essential” offices.
Given that a “fiscal headwind” was one of Chairman Bernanke’s chief reasons for delaying the taper of quantitative easing earlier this month, these 12 speeches will be particularly interesting if the government indeed shuts down.
Other than that, the Fed officials will deliver remarks on community banking, monetary policy, and the labour market.
Below is this week’s Fedspeak calendar (via Bloomberg, all times ET).
Wednesday, 10/2, 12:00 PM: Boston Fed President Eric Rosengren will speak on the economy in Vermont at an event sponsored by the New England Federal Credit Union and Lake Champlain Regional Chamber.
Wednesday, 10/2, 3:20 PM: St. Louis Fed President James Bullard will deliver opening remarks at a conference on community banking at the St. Louis Fed.
Wednesday, 10/2, 3:30 PM: Fed Chairman Ben Bernanke will speak at the “Community Banking in the 21st Century” conference in St. Louis too.
Thursday, 10/3, 11:00 AM: San Francisco Fed President John Williams will speak at the University of California San Diego. Q&A expected.
Thursday, 10/3, 12:30 PM: Dallas Fed President Richard Fisher will speak in Dallas in a discussion titled “The Causes and Macroeconomic Consequences of Uncertainty.”
Thursday, 10/3, 1:00 PM: Atlanta Fed President Dennis Lockhart will make introductory remarks on “Recent Developments in the U.S. Labour Market” at the bank.
Thursday, 10/3, 1:30 PM: Fed Governor Jerome Powell will speak at the community banking conference in St. Louis. Q&A expected.
Thursday, 10/3, 5:30 PM and 8:30: Dallas Fed President Richard Fisher will deliver a speech at the Stephens Inc. CEO Summit in Little Rock, Arkansas. Q&A expected. Then he will give a speech on the economy at the Central Arkansas Risk Management Association with a Q&A to follow.
Friday, 10/4, 9:15 AM: New York Fed President William Dudley will give introductory remarks at a conference on systemic risk and the tri-party repo market in New York.
Friday, 10/4, 9:30 AM: Fed Governor Jeremy Stein will deliver the keynote address on “The Problem of Fire Sales” at the conference.
Friday, 10/4, 1:45 PM: Minneapolis Fed President Narayana Kocherlakota will give a speech on monetary policy strategy at the Bank Holding Company Association Fall Seminar in Bloomington, Minnesota.