Markets

Fed speeches, revised GDP on slate

The calendar remains active today as traders prepare for comments by central bankers and economic data.

The first release comes out at 8:30 a.m. ET, when the Commerce Department reports the second revision of fourth-quarter gross domestic product. Economists expect the reading to remain unchanged at an expansion of 2.8 percent.

Federal Open Market Committee member Richard Fisher will then speak as the market opens at 9:30 a.m. ET. Half an hour later Fed Chairman Ben Bernanke will speak on Capitol Hill before the Joint Economic Committee.

Although Fed speeches have typically been important, today's might have less impact on trading because the central bank has pledged to keep interest rates unchanged for at least the next year.

Also at 9:45 a.m. ET, the Chicago Purchasing Managers Index for February will be released. Economists expect a reading of 60, about the same as last month. Given all the other news and the fact it covers a limited region, the report is unlikely to affect trading unless it misses or beats expectations by a wide margin.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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