PREVIEW: Here Comes Another Huge Day Of Chatter From The Federal Reserve

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Four regional Federal Reserve Presidents are set to speak today, undoubtedly adding to continued chatter about the prospects of a third round of quantitative easing.Fed minutes released earlier this month showed that, in early March, the Federal Open Market Committee unanimously agreed that quantitative easing should only be undertaken amid signs that the recovery was slipping (inflation under 2 per cent or a slowdown in growth).

That stunted investor hopes of more QE, however many analysts have argued recently that such a close reading of one sentence of the statement had caused unnecessary fear.

Here’s a rundown of what is happening today (via Bloomberg):

  • Boston Fed President Eric Rosengren starts off the day of Fed speeches at the Atlanta Fed conference at 10:30 AM EST.
  • Minneapolis Fed President Narayana Kocherlakota will speak to the Southern Minnesota Initiative Foundation at 12:15 PM EST.
  • Dallas Fed’s Richard Fisher is up next, lecturing as part of the Price College of Business E. Deane Kanaly Lecture Series on “Update on the Economy and Dallas Fed’s Views of Too Big to Fail” at 12:30 PM EST.
  • Atlanta Fed President Dennis Lockhart will give opening remarks to a discussion on “Financial Reform: The Devil’s in the Details” at 12:45 PM EST.

Only Lockhart is a current voting member of FOMC, although Rosengren fills in on an alternate basis. That means much of today’s discussions—particularly remarks from the often hawkish Kocherlakota and the uber-hawkish Fisher—should be taken with a grain of salt.

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