One of the more significant, if largely underreported events from last Friday, was the Fed's surprising announcement that it would conduct a closed meeting tomorrow, April 11, at 11:30am "under expedited procedures" during which the Board of Governors will review and determine advance and discount rates charged by the Fed banks.
This is notable because the last time such a meeting took place was on November 21, less then a month before the Fed's historic first rate hike in years.
Moments ago things got even more interesting, when in yet another unexpected announcement, the White House said that both Obama and Joe Biden would meet with Janet Yellen on Monday to discuss the economy and Wall Street reform, the White House said late on Sunday. The meeting is expected to take place some time "in the afternoon."
"In the afternoon, the president will meet with Federal Reserve Chair Janet Yellen to discuss the state of the American and global economy, Wall Street reform, and the long-term economic outlook; the vice president will also attend," the statement said.
According to Reuters, the president and the Fed chair meet regularly to discuss economic issues. Still, one can't help but wonder what will be said in these two back to back meetings, both of which will be closed to the public.
In the meantime, we are confident numerous Fed speakers will explain how the Fed may or may not raise rates in the immediate future, unless it of course, does not, all depending on data which the Fed no longer cares about.