Federal Reserve Chairman Ben Bernanke is scheduled to begin his semi-annual economic testimony before Congress at the Senate Banking Committee this afternoon. Investors will be seeking clues on the Fed's outlook for the US economy and fiscal policy.
Art Cashin, director of floor operations at UBS Financial Services, discussed his insights.
“The feeling down here [on the trading floor] is that they will be pressuring the Fed to help stimulate jobs in some way,” Cashin told CNBC.
“They also have a replacement for Senator Byrdso we may see some new ventures in Congress — to stimulus jobs, too — and that’s helping the markets somewhat.”
Cashin also noted that the markets have hit "a serious speed bump" in the recovery and said investors are focusing less on earnings and more on revenue growth from companies.
Scorecard—What He Said:
- Cashin's Previous Appearance on CNBC (Jul. 19, 2010)
Market Views—Across the Board:
CNBC Data Pages:
Wednesday's Dow Laggards (As of this writing):
No immediate information was available for Cashin or his firm.