Markets Awaits White House Decision on FED’s Chair Job

U.S. futures are in the red as traders awaits the decision of the White House for the next chair of the Federal Reserve.

S&P 500 contract, Dow Jones and Nasdaq 100 is little unchanged.

According to Senate Banking Chairman, both Jerome Powell and Fed Governor Lael Brainard has been interviewed for the position and a decision is expected at earliest.

Earlier long term bond yields inched down as news broke out Brainard was interviewed for the position. It is important to note Brainard is anticipated to be more dovish than Powell.

U.S. retail sales data on Tuesday is a key number traders are anticipating, which might lead FED to give indication on rates hike.

Earlier in the evening U.K. unemployment number came in better than expected which could potentially have the Bank of England to announce rates hike.

Oil markets are on pause while traders awaits for White House’s move on releasing strategic reserves to ease tightness in the market.