Stocks Up Before Jobless Claims.Obama to Appoint Fed Board Members
Stocks continue to inch upwards this morning as European concerns ease. The Fed’s commitment yesterday to keep monetary policy at “exceptionally low levels … for an extended period” also helped investor confidence. READ THE FULL STORY
The day ahead is relatively slow with only the weekly labor report set for release. But, according to the Wall Street Journal, President Obama will nominate two economists and a lawyer to the Federal Reserve Board today.
“The White House will tap Janet Yellen, president of the San Francisco Federal Reserve Bank, to be the board's vice chairman, and Massachusetts Institute of Technology economist Peter Diamond and Maryland state banking regulator Sarah Bloom Raskin to sit on the seven-member board, according to people familiar with the matter,” the Journal said.
“The Senate is likely to confirm them. The nominations aren't likely to prompt a major shift in interest-rate policy. But they would reinforce the Fed's activist bent as policy makers overhaul the central bank to monitor and regulate risk-taking across the financial system, review compensation policies at banks and tighten consumer regulation.”
In earnings releases, look for results from Exxon Mobil, Procter & Gamble, Motorola, Aetna, and ConocoPhillips.
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