Central bank speakers between meetings: which voices matter

[FXS London Scalper]

Between policy meetings, dozens of central bank officials give speeches. Most move nothing; a few can shift expectations. Knowing which is which saves a lot of attention.

A rough hierarchy for the Fed: the chair, vice chair and New York Fed president tend to carry most weight. Regional presidents matter more when they vote that year or when their view changes. For the ECB, the president and chief economist often move the euro more than national governors, though hawkish governors can matter when they signal a change.

A method to make this concrete is to keep a short log of speeches, noting whether the speaker said anything new compared with their last remarks, and what the market did. Over a few months it becomes clear which voices the market treats as signals.

It also helps to check whether a speech has a question and answer session, since unscripted answers are where surprises usually appear. Prepared texts are often released in advance and are priced quickly.

Whose remarks do you follow?