Yellen’s testimony unlikely to be enlightening - BNZ

Jason Wong, Currency Strategist at BNZ, suggests that the Fed Chair Yellen testifies on monetary policy to the Senate Banking Panel.

Key Quotes

“Normally this would be a key event for the market, but given the close proximity to last week’s FOMC meeting and press conference, this time around it is unlikely to be enlightening. The Fed is reluctant to hike rates following the softening in employment indicators in an economy that is only showing modest growth. But the message will continue to be that the bias is for monetary policy to tighten, albeit proceeding cautiously.”