The three most influential members of the.......>

FED: The three most influential members of the FOMC make appearances today.

Chair Powell (1430ET) likely a non-event, but the other two worth watching.

- We last heard from NYFed Pres Williams on April 17 on CNBC: he said the

economy won't be back to full strength by end-year. On April 16 he reiterated to

the Economic Club of NY that the Fed had done much to support market functioning

and provide liquidity/support to businesses hit by COVID. At the time, he said

"our work is not done" - expect an update today (1000ET) on his view on the

economic outlook, possibly on the Fed's facilities too (Text + Q&A).

- Vice-Chair Clarida gives a talk (Text + Q&A) on the economy and monetary

policy at 1300ET. He spoke more recently, on May 5 on CNBC, saying his core

forecast was that both Q3 and Q4 would see economic growth - but that "more

policy support will be needed from the Fed and possibly also fiscal policy. It

just depends on how this evolves".

- Both Williams and Clarida likely to strike a very similar tone to Powell's

recent remarks, but yesterday's Minutes release may provide a bit more room for

discussion on forward guidance and the ongoing framework review.