US: Powell likely to be the next Fed chair? - TDS

President Trump will announce his pick for the next Fed chair at 15:00 ET, though the WSJ announced Governor Powell as the next Fed chair, notes the analysis team at TDS.

Key Quotes

“[Governor] Powell will give the opening remarks at an Alternative Reference Rate event hosted by the New York Fed. NY Fed President Dudley will give the closing remarks at 12:20 ET, while the Atlanta Fed’s Bostic will speak about government statistics after the close at 18:15 ET.”

“Looking to the data, TD looks for an above-consensus 2.8% q/q increase in nonfarm productivity for Q3 (market: 2.6%). Unit labor costs are expected to be far more modest and TD is projecting a 0.2% increase (market: 0.4%). Initial jobless claims are the only other release and the market is looking for a slight increase to 235k.’