Trading Mixed Ahead of Labor Data, Bernanke Testimony
Stock futures are mixed ahead of a light Thursday. Aside from the weekly jobless claims report, only one other release is on the schedule and it’s the final revision to Q1 GDP. With markets characteristically looking ahead the revisions for January to March are unlikely to carry much weight.
However, at 10:00 Fed chairman Ben Bernanke will face questions about the acquisition of Merrill Lynch by Bank of America. Given that it’s just a day after the Fed’s latest policy statement, it’s unlikely Bernanke will speak on the economic outlook, but a poor performance on the issue of whether the central bank pressured BofA to make a deal could hurt the credibility of the Fed; moreover, questions are also being raised about Bernanke’s re-appointment in January 2010.
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