Chairman of the Federal Reserve Ben Bernanke remains seated during a break in a hearing held by the House Financial Services Committee on Capitol Hill in Washington September 20, 2007. The hearing was on ‘Legislative and Regulatory Options for minimising and Mitigating Mortgage Foreclosures.’
Markets didn’t do a whole lot today.
First, the scoreboard:
- Dow: 15,291.5, -8.7, -0.0%
- S&P 500: 1,652.6, +0.3, +0.0%
- NASDAQ: 3,520.7, +16.5, +0.4%
And now, the top stories:
- China’s June trade numbers shocked the world earlier today. Exports unexpectedly plunged 3.1% year-over-year, missing expectations for a gain of 3.7%. Imports declined by 0.7%; economists were looking for a 6% increase.
- There were no major earnings announcements or U.S. economic reports scheduled for today. “Barring an assassination or act of war, the most dramatic event of the day is thought to be the release of the latest Fed Minutes of the June 18-19 meeting at 2:00,” said UBS’s Art Cashin. Unfortunately that turned out to be pretty uneventful.
- The message of the minutes largely echoed what we got from Fed’s statement and press conference in June. Several on the Committee saw tapering of bond purchases likely warranted soon. On the other hand, many on the Committee said more gains in the labour market were needed before tapering.
- “The FOMC minutes were hawkish as the appendix says half of the participants want to end QE this year!” tweeted Deutsche Bank economist Joe LaVorgna.
- At, 4:10 p.m. ET, Federal Reserve Chairman Ben Bernanke will be speaking at the National Bureau of Economic Research Conference in Cambridge, MA. His speech is titled: “A Century of U.S. Central Banking: Goals, Frameworks, Accountability.” However, he will be holding a Q&A after the speech. So, you never know what may come up.
- Don’t Miss: China Is Slowing, And That’s Bad News For These 15 American States »
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