However, some members of the Federal Reserve will be speaking. And all market participants will be interested to hear what they have to say about the direction of monetary policy in the wake of the latest data dump.
From Deutsche Bank’s Joe LaVorgna:
… This week’s data docket is relatively light and the main focus will likely be the first round of post-FOMC Fed-speak. St. Louis Fed President Bullard already indicated last Friday that he would favour waiting for more H2 data before tapering QE. It will be interesting to see if his views are shared by fellow committee members. Dallas Fed President Fisher (non-voter) speaks on the economy on Monday, and given his hawkishness, it is doubtful he shares Bullard’s sentiment. In contrast, Chicago Fed President Evans (voter) is scheduled to give a press interview on Tuesday and given his dovishness, it is likely he too will want to see further confirmation that the labour market is on a sustainable path to recovery. On Wednesday, Cleveland Fed president Pianalto (non-voter) will be speaking on the economy, and as one of the more moderate Fed participants, she has indicated in previous speeches that she would rather see asset purchases begin to slow sooner rather than later. It will be interesting to see if her view has changed at all in light of the recent data.
On Tuesday, we will get the latest Job Openings And Labour Turnover Survey report. While this is not generally considered a major market-mover, we know that it is closely watched by Federal Reserve Vice Chair Janet Yellen.