Fed governor and regional president speeches. Individual speakers are used to test-market a change before the meeting; the "Fed whisperer" articles the day before blackout are the tell.
What to watch: Speech calendar. It arrives near-daily outside blackout, and the effect typically lasts days.
It sits in tier 2 — Directional: Moves the index for days or weeks. Scheduled data releases, policy decisions, global spillovers, and the prices of money and energy. This is the tier most professional attention is spent on.
Its neighbourhood
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Also in Monetary policy (Federal Reserve)
- FOMC rate decision
- Forward guidance and the dot plot
- Fed chair press conference and testimony
- Balance sheet policy (QE / QT)
- Fed leadership and independence
- FOMC minutes
- Beige Book
- Fed funds futures pricing
- The neutral rate (r*) debate
- Fed policy framework and dissent count
- Fed chair transition and reaction function