WASHINGTON, July 3 (Reuters) - The Federal Reserve said on Wednesday that Fed Chairman Ben Bernanke would make a speech in Cambridge, Massachusetts, next week on the central bank’s 100-year history, its policy record, lessoned learned and prospects for the future.
The announcement of his appearance on July 10 at 4:10 p.m. EDT (2010 GMT), at a conference hosted by the National Bureau of Economic Research, was released in a regular update of the Fed’s schedule for upcoming official events.
Financial markets are on red alert for any hints on the direction of monetary policy after the chairman said on June 19 that officials expect to begin scaling back monthly bond purchases later this year from a current $85 billion pace, provided the economy develops as they expect.
That sent stock markets plunging and put sharp upward pressure on bond yields, which was stemmed only after other Fed officials pushed back hard in speeches last week, saying investors were over-reacting to Bernanke’s remarks.
The Fed said Bernanke would answer questions from the audience after delivering his speech next Wednesday, which is taking place several hours after publication of the minutes of last month’s policy-setting meeting.