Federal Reserve chair Powell to speak at US Treasury Market Conference today
Chair Powell has a chance to express his opinions for the first time after the unexpected 50 basis point rate cut by the US Federal Reserve. Chair Jerome H. Powell will give the Opening Remarks (via pre-recorded video) at the 2024 U.S. Treasury Market Conference, Federal Reserve Bank of New York (at 9:20 am) on September 26.
The FOMC meeting on September 6-7 resulted in a 50bps rate decrease vs the commonly held consensus of 25bps. Federal Reserve Board Governor Michelle Bowman was the only member who voted for a 25 basis point rate drop, dissenting from the majority’s 50 basis point decision.
The minutes of the September FOMC meeting will be published on October 9, but speeches by Fed officials and Chair Powell may give light on the Fed’s future direction.
The conference webcast will be available on the website of Federal Reserve Bank of New York starting on September 26 at 9:00 a.m. The Conference Overview starts at 9:15 am.
Michael S. Barr, Vice Chair for Supervision, Board of Governors of the Federal Reserve System will be speaking between 10:30 am-10:50 am.
Janet Yellen, Secretary, of the U.S. Department of the Treasury will also be speaking before the 2024 Treasury Market Conference between 11:15 am-and 11:45 am.
The United States Treasury market is the world’s deepest and most liquid market for government securities. It plays a critical and unique role in the global economy, serving as the primary means of financing the US federal government, a significant investment and hedging vehicle for global investors, a risk-free benchmark for other financial instruments, and an important market for the Federal Reserve’s implementation of monetary policy.
Since 2015, the United States Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the United States Securities and Exchange Commission, and the United States Commodity Futures Trading Commission (Joint Member Agencies) have co-hosted an annual conference to examine current developments in the US Treasury market.
The Joint Member Agencies will have their tenth annual conference on Thursday, September 26, 2024, at the Federal Reserve Bank of New York. This year’s conference will feature keynote addresses and expert panels on a variety of Treasury market subjects, including members from the Joint Member Agencies, the public, and private sectors.