Federal Reserve chair Janet Yellen is set to speak on the US economic outlook at 12:30 pm ET.
This is the first time we’ve heard from Yellen since the June FOMC meeting, when the Fed kept interest rates unchanged but signalled that rate hikes will likely be warranted at some point this year.
This speech also comes ahead of Yellen’s bi-annual testimony on Capitol Hill scheduled for next week.
In a note to clients ahead of the report, analysts at Deutsche Bank wrote, “Since Yellen last spoke in May, the unemployment rate has declined another tenth and most of the labour indicators on her dashboard continue to improve. International issues aside, US fundamentals broadly support Fed’s latest forecasts. Hence, we expect Yellen to stick to the script.”
We’ll be back with the full text of Yellen’s speech and complete market reaction when it drops at the bottom of the hour.