Posted By: Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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More than a few FED Personnel will be talking tomorrow which can move the markets at times. Please see insight by my colleague John Thorpe, Senior Broker below:
Fed Chair Testimony tomorrow morning , 10:00 a.m. EST Tomorrow , January 11th, Jerome Powell will be speaking at 10:00 a.m. EST Before the Committee on Banking, Housing, and Urban Affairs in the U.S. Senate , Prepare yourselves and trading accounts for statements designed to provide calm in lieu of the recent market turbulence. The difficulty for Powell, unlike his recent speech about the Fed minutes, which is written ahead of time, is this “testimony” will be ad lib. My belief is the markets will react more intensely to Chairman Powell’s testimony than the volatility we saw during the January 5th minutes of the December 14-15 2021 policy meeting. Markets have been traveling largely in one direction since that moment in time. Equity indices lower, Bonds and notes lower, Metals lower, food stuffs lower.. Be careful during this time frame and expect unexpected market reactions in many of the markets we are trading during his nomination testimony.
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