020 7898 0500Last week, Donald Trump announced that Jerome Powell would succeed current Fed Chair Janet Yellen next year. There was more disruption yesterday, as the Fed confirmed that its President, William Dudley, will be retiring in mid-2018. This is before his January 2019 term was supposed to end so a successor will no doubt be announced in the coming months.
It was an otherwise quiet day for US economic data, although today promises to be a little busier, with Yellen due to speak. Her comments will be watched closely for indications of a further interest rate increase before the year is out. Many traders are convinced a hike is likely to take place in December, not least because of recent signs that the US economy is recovering.
On Thursday we have the jobless claims data and Friday sees the release of Michigan consumer sentiment.
