Economy Janet Yellen will present testimony regarding the Federal Reserves monetary policy this morning. Fed watchers are looking for clues to the timing of future interest rate hikes after data in the second-quarter displayed the economy gaining momentum. Investors are still predicting that policymakers are in no rush to raise rates. The expected news will probably keep the market rally going today, but any hints of hawkishness will likely trigger a negative reaction. Mario Draghi is warning that euro zone recovery is at risk with a strong euro and highlighted that large-scale purchases of public and private debt do fall within the ECBs mandate to keep inflation low and stable. EU growth has been faced with a difficult time due to an appreciated exchange rate threatening price stability. Draghi has also urged EU member states to implement tougher structural reforms to boost economic development. Israels security cabinet has approved of a truce proposed by Egypt which calls for a de-escalation after 6:00 GMT today and a full truce within 12 hours thereafter. Hamas responded that they had not been consulted by Egypt and vowed attacks would increase in ferocity and intensity. Delegations from Israel and Palestinian factions are to hold talks in Cairo within 48 hours. More energy firms are seeking to export condensate after a landmark ruling last month tweaked the definition of the ultralight oil, saying it was not considered crude once it was distilled. Enterprise Product Partners (NYSE:EPD) and Pioneer Natural Resources (NYSE:PXD) have already received permission from the Commerce Department and the U.S. energy industry is now demanding more permits.
Posted on: Tue, 15 Jul 2014 12:25:01 +0000
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