US: Fed speak and employment data in focus – BBH

The North American session features speeches by four Fed officials, including Powell, who has emerged as a candidate to replace Yellen as chair and will be in focus for today;s session, according to analysts at BBH.  

Key Quotes

“The views of the regional presidents that speak today (Harker, George, and Williams) are well known.  In the US, there are several economic reports today, including August factory orders (and the final durable goods orders) and trade balance.  Barring a significant surprise, investors have already largely taken on-board that the US growth is acceptably near trend with some distortions to high frequency data due to the impact of the powerful storms.  Weekly initial jobless claims, like the ADP yesterday, and likely reflected in tomorrow 's non-farm payroll report, have been adversely impacted, while the surge in auto sales and some strength seen in the PMIs are also storm-related.”