Sunday, January 13, 2008

Bernanke to Speak More Often

by Bill McBride on 1/13/2008 08:09:00 PM

The WSJ reports that Bernanke (or Vice Chairman Kohn) will speak more frequently. From the WSJ: Fed Retools Its Messages Amid Call for More Clarity

... a new strategy of having the central bank's top leaders discuss the economic outlook in public more often, so that markets won't depend on remarks by lower-ranked policy makers who may not represent Fed thinking. Thus, either Mr. Bernanke or Mr. Kohn will likely address the outlook in public at least once between meetings of the FOMC.
Jan 10, 2008: Chairman Bernanke talks about his stint at the NBER, and the difficulties in calling a recession.
There is also this tidbit in the WSJ story:
There is speculation the Federal Open Market Committee, the group of Fed governors and regional bank presidents that sets the federal-funds rate, met by conference call preceding Mr. Bernanke's speech, but the Fed hasn't confirmed that.
Oh great, more Fed speak! But stock market participants like it when Bernanke speaks: the S&P500 has been up an average of 1.4% on days that Bernanke has spoken (last 3 speeches).