US: All eyes on Yellen and Q3 GDP - TDS

Analysts at TDS point out that the Fed Chair Yellen will deliver her economic outlook to the Joint Economic Committee of Congress at 10:00 ET and she is likely to stick to the recent script and advocate a gradual normalization of policy.

Key Quotes

“NY Fed President Dudley will participate in a moderated Q&A on the US economy at 8:30 ET and San Francisco Fed President Williams (2018 voter) will speak at a 12:45 ET luncheon.”

“We are also scheduled to get the Beige Book at 14:00 ET, which will give an update on regional conditions heading into the December FOMC.”

“The second print of Q3 GDP is the most notable release on the data calendar and markets are expecting a modest upward revision to an annualized 3.2% q/q from the initial 3.0% print. Pending home sales for October are the only other release and the market consensus is for a 1.0% m/m increase.”