US: Focus on Yellen – TDS

 Fed Chair Yellen will discuss global economic issues at 13:00 ET during a moderated conversation (and audience Q&A) in London and will be keenly watched b investors.

Key Quotes

“We expect Yellen to push back against criticism over the Fed’s last rate hike and efforts to normalize policy. However, there is a risk that Yellen may emphasize data dependence, which could be interpreted (mistakenly, in our opinion) as dovish. We will also hear from Harker and Kashkari, both of whom are 2017 voters, while Williams (non-voter) speaks overnight in Australia.”

“Conference Board consumer confidence for June is the only economic release of note and the market consensus is for the index to drift lower to 116.0 from 117.9.”