Perhaps the biggest market moving event of the day, more so than the Durables data, was Bill Dudley's speech. However, at least based on the prepared remarks there is no discussion of the economy. From Bloomerg:
- DUDLEY DOESN'T DISCUSS NATIONAL U.S. ECONOMIC OUTLOOK IN SPEECH
- DUDLEY SAYS MANY PARTS OF NY FED DISTRICT HAVE `BOUNCED BACK'
- DUDLEY: NEW YORK CITY WEATHERED DOWNTURN TO `SURPRISING DEGREE'
- DUDLEY: PUERTO RICO, U.S. VIRGIN ISLANDS STILL IN DEEP SLUMP
- DUDLEY SAYS PUERTO RICO'S ECONOMIC OUTLOOK REMAINS UNCERTAIN
- DUDLEY SAYS SOME POCKETS OF WEAKNESS REMAIN IN NY FED DISTRICT
Here is a brief prepared text from Bloomberg:
Puerto Rico remains in a deep slump and its economic outlook remains uncertain, though employment appears to have steadied in recent months, Federal Reserve Bank of New York President William C. Dudley said.
“Puerto Rico’s weak economy coupled with a fiscal crisis means its economic outlook remains uncertain as it struggles to address its unique set of problems,” Dudley said in remarks in New York Wednesday. The Caribbean island is part of the New York Fed’s district.
Puerto Rico officials are working on a proposal that would reduce its $72 billion debt load after Governor Alejandro Garcia Padilla in June said the commonwealth was unable to repay all of its obligations on time and in full. The Public Finance Corp. Aug. 3 failed to make a full $58 million debt-service payment to investors, the first default for a Puerto Rico entity.
Puerto Rico’s economy has struggled to grow since 2006. Its population has shrunk by 7 percent in the past decade as residents look for work on the U.S. mainland.
Now all eyes turn to the Q&A which is where any questions relevant to the recent move in markets will most likely emerge.
