Don’t get too excited over Federal Reserve Chairman Ben Bernanke’s press conference on Wednesday, said David Zervos, head of global fixed income strategy at Jefferies.
“I imagine we’ll get the typical clarity that we get from reading the minutes—I don’t think we’re going to get a whole lot of new information,” Zervos told CNBC. “The fact that we get some new bombshell information seems highly unlikely to me.”
The Federal Open Markets Committee is scheduled to release its statement at 12:30pm ET on Wednesday and for the first time, Bernanke will hold a Q&A-style press conference shortly following the statement.
“The balance sheet is crucial...but I don’t think we’re going to get any resolution to that on April 27th. They’re not going to tell you up front,” he said.
“Where you get answers from Bernanke is maybe how transitory are these commodity price increases, what are they thinking about in terms of the dollar, what are they thinking in terms of the immediate GDP consequences of what happened in Japan.”
Scorecard—What He Said:
- Zervos' Previous Appearance on CNBC (Mar. 14, 2011)
CNBC Data Pages:
Monday's Top Dow Laggards (as of this writing):
No immediate information was available for Zervos or his firm.