This afternoon at 17:30 (BST), Dallas Federal Reserve president Richard Fisher will be speaking in London on US monetary policy and the economy today. It will be the first of seven such talks from Fed presidents and board members taking place this week, and investors will be listening closely for any clarification or comment on Fed chairman Ben Bernanke’s planned policy to taper off QE if the US economy continues to improve.
Fisher has been an outspoken critic of quantitative easing, opposing the beginning of the current round in September and the expansion of the programme to Treasuries in December. Following a speech on 5 June 2013 he said:
We cannot live in fear that, gee whiz, the market is going to be unhappy that we are not giving them more monetary cocaine.
The other six speeches will be as follows (all times BST). Regardless of the subject, each one is likley to be quizzed on the specifics of QE reduction and how it will affect the markets.
Wednesday: Bank of Minneapolis president Narayana Kocherlakota (monetary policy, Seoul, 06:55)
Thursday: Governor Jerome Powell (monetary policy, Washington, 15:30), and Bank of Atlanta president Dennis Lockhart (economy, Georgia, 17:30)
Friday: Bank of Richmond president Jeffrey Lacker (economic outlook, West Virginia, 14:15), Bank of Cleveland president Sandra Pianalto (monetary policy, West Virginia, 15:00), and Bank of San Francisco president John Williams (monetary policy, California, 20:30).
Fisher’s speech will follow data released at 15:30 today gauging Dallas’s regional manufacturing health. Analysts expect the headline index to go up from -10.5 last month to -1.0.