Heads up for Federal Reserve Chair Powell to speak Wednesday

Fed System Chair Jerome Powell will give his annual Economic Outlook before the Joint Economic Committee of the US Congress on Wednesday 13 November 2019

• at 1600GMT
• prepared speech first
• then a Q&A with members of Congress.

I posted earlier in the week:

• Powell will likely stick to the same sort of message he conveyed in the FOMC statement and press conference on October 30

Comments via Scotia on what top expect:

• this event was cancelled last December because of the government shutdown. Holding it this time before the need for another Continuing Resolution to fund the US government past November 21st may be wise!
• Markets that have recently turned more optimistic toward US-China trade relations may be at a point of fragility reinforced by volatile, conflicting guidance from the US administration.
• Powell is unlikely to have materially altered his thinking since the statement and press conference on October 30th.
• Since then, core PCE inflation slipped to 1.7% y/y, but nonfarm payrolls were stronger than expected, wage growth ticked up, consumption growth has cooled but remains healthy, and ISM metrics have improved albeit with mixed signals compared to Markit's gauges.