Barclays on today's Fedspeak, note: Mester (Non-Voter) moderates a panel at 14:30 BST, 09:30 EDT

Fed Governor Brainard (FOMC voter) speaks on Tuesday: -

Governor Brainard speaks at a Fed conference on “Disparities in the Labor Market: What are we missing?” We expect her to give a generally favorable assessment of labor markets, but point to factors beyond the unemployment rate such as prime working age participation rates and the employment to population ratio as suggesting further progress is possible. She may also link disparities in the labor market and lack of inflation pressures, similar to her recent speech on “Understanding the disconnect between employment and inflation with a low neutral rate,” September 5, 2017. We expect monetary policy content to be limited, but if asked, we believe she will argue for patience before further lifting the funds rate.

Atlanta Fed President Bostic (non-voter) speaks on Tuesday: -

President Bostic has said he is “worried” about inflation and believes the Fed should “wait and see” before raising rates. We expect him to say the outlook supports a gradual normalization of policy rates, but his concerns over inflation will likely leave him noncommittal about futher rate hikes this year absent more data.

Fed Chair Yellen (FOMC voter) speaks on Tuesday: -

Chair Yellen will deliver keynote remarks on inflation, uncertainty and monetary policy. We expect her speech to be largely in line with the press conference remarks after the FOMC meeting. We think she will reiterate that inflation expectations are what matters in determining future inflation and that unusually low inflation this year does not mean that it will continue next year. Nevertheless, we expect her to balance these views by admitting that low inflation this year is more broad based than just idiosyncratic factors and that the FOMC needs to figure out how much of the current softening is transitory versus persistent.

26 Sep 2017 - 11:40- Fixed IncomeBank Speaker- Source: Barclays

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