What you need to know before the US open – 11/02
Markets will open half an hour before questions from the House are put to the chair of the Fed, Janet Yellen.
US futures are widely unchanged on the news, with the S&P 500 expected up 0.1 per cent at open.
The Yellen Reaction: Stocks Down, Gold Down, Bonds Frown http://t.co/U6nR5jn7ga
— zerohedge (@zerohedge) February 11, 2014
In her first written testimony to Congress today, Yellen said the Fed is likely to continue tapering in measured steps.
She added inflation will likely move towards two per cent “over coming years”, and that the labour market’s recovery is “far from complete”.
Meanwhile, Barclays shares are down around five per cent, having dropped seven per cent earlier today. Investors are reacting to an 86 per cent fall in quarter profits, the slashing of 12,000 jobs and the upping of bonuses by ten per cent.