Federal Reserve Chairmann Janet Yellen is speaking before the House Financial Services panel on this morning for the first of two days of testimony on the central bank’s monetary policy. She has said that there are not many rates hikes to go this year, and they will be gradual.
National Economic Council Director Gary Cohn is the front-runner to replace Janet Yellen next year, according to Politico. Cohn is the former president of Goldman Sachs. Former Fed Governor. Kevin Warsh is also a candidate to be Fed chief, and like Cohn, doesn’t have a Ph.D. in economics.
Oil prices extended their gains Wednesday on data from the U.S. Energy Information Administration. It showed that domestic crude supplies dropped 7.6 million barrels for the week ended July 7. That topped a forecast for a 2.6 million barrel drop by analysts surveyed by S&P Global Platts, but came in less than the 8.1 million barrel drop reported by the American Petroleum Institute late yesterday. August crude is up 2.9%, to $46.33 a barrel on the New York Merc.
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
