Geithner is testifying before Barney Frank’s committee on Capitol Hill today but so far there is little news.
Geithner says the Treasury is winding down some of its emergency authorities but that it is too early to declare victory over the financial crisis. Much of the discussion has been on derivatives reform, a vital but boring topic.
Markets are treading water ahead of the Fed. EUR/USD trades at 1.4772, GBP/USD at 1.6410 and oil at $68.82. Gold has recovered to $1011.
