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When Ben Speaks, Markets Listen

Wednesday, begins two days of the annual Humphrey-Hawkins testimony on monetary policy before Congress.

Typically, during the hearing, the Fed Chairman talks broadly about our central bank’s views on the economy as well as expected growth.

However, during Wednesday's testimony, it’s also widely believed that this Fed Chairman will at least hint at strategies under consideration for unwinding the Fed’s unprecedented ‘quantitative easing’ which has landed $2.2 trillion on the Fed’s balance sheet.

And it's not just Bernanke that we'll be hearing from.

Displeasure with Bernanke's handling of the crisis as well as his controversial use of the Fed's emergency powers is likely to bleed into the hearing.

Congress has already shown that is clearly concerned about the strength of the economy's recovery, particularly in the area of job creation, and is now wrestling with legislation to address it.

Then there’s the vexing issue of interest rates.

Most economists do not expect the Fed to raise interest rates until a jobs recovery seems clearly in place with the consensus being late summer or early fall. However with the surprise decision to raise the discount rates, all bets may be off.

Find out what CNBC's Rick Santelli has to say about the Fed, the fed funds rate and action in the bond market. Watch the video now!


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Trader disclosure: On February 23, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Kaminsky Owns (EXPD), (EPV); Kaminsky Owns (LULU) Puts; Terranova Owns (IBM), (QCOM), (GOOG), (EMC), (AAPL), (DELL), (MSFT); Najarian Owns (HK) Call Spread; Najarian Owns (INTC) Calls; Najarian Owns (MS); Najarian Owns (RSH) Call Spread; Adami Owns (INTC), (GS), (AGU), (MSFT), (NUE), (C), (BTU), (AGU); Finerman's Firm Is Short (IJR), (IWM), (MDY), (SPY), (UNG),, (USO); Finerman Owns (AAPL); Finerman's Firm Owns (BAC), (BAC) Leaps; Finerman Owns (BAC), (BAC) Preferred; Finerman's Firm And Finerman Own (CVS), (GOOG), (JPM), (WFC); Finerman's Firm Owns (IBM), (TGT), (WMT)

For Joe Terranova
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
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