In the past, Summers has argued that tax and spending policy are more important to economic growth than monetary policy.
Friday's U.S. employment report will show continued steady job creation, leaving the Fed on track for before year-end tapering.
The U.S. will become the first country to adopt the new standard of calculating GDP beginning July 31.
All eyes are on the Federal Reserve and Ben Bernanke this week, as the FOMC meets for its two-day policy meeting beginning on Tuesday.
Policymakers will use this meeting to debate how to prepare financial markets for the future bond-buying program reduction.
A judge rejected the U.S. government's effort not to depose the Fed chair, saying he was a "central figure" in the AIG bailout decision.
Federal Reserve Vice Chair Janet Yellen was the most accurate economist forecaster on the Fed from 2009 to 2012.
The economic calendar this week includes the FOMC meeting, the July jobs report and second-quarter U.S. GDP.
Bair, former FDIC chairwoman, has endorsed vice chair Janet Yellen to replace Ben Bernanke in the Fed's top post.
Pre-market movers for Monday, July 22.
Bond funds and emerging market funds, however, have been hit hard by the new optimism on the stock front.
Both the S&P and the Dow Jones added 0.5% on better-than-expected earnings and encouraging words from the Fed chairman.
The U.S. economy is just starting to gain momentum. So why would one want to squelch it by decreasing quantitative easing too soon?
The Dow and S&P 500 flirt with all-time highs as investors listen to Federal Reserve Chairman Ben Bernanke's congressional testimony.
Positive economic reports and upbeat corporate earnings sparked a rally, as the central bank's chairman spoke in Washington.
The Dow and S&P 500 advanced to record highs Thursday after Morgan Stanley (NYSE: MS) earnings beat expectations.
Asian markets traded mixed Thursday despite Bernanke’s dovish comments as concerns over a lack of stimulus from Beijing hurt Chinese stocks.
Eight times a year, the Fed releases its Beige Book, a snapshot of business conditions in the Fed’s 12 regional bank districts.
Doreen Mogavero discusses what traders expect to hear from Fed Chairman Ben Bernanke during his speech before Congress.
Google Inc. (Nasdaq: GOOG) is expected to report second-quarter EPS of $10.78 on revenue of $14.45 billion Thursday.
The Fed chairman underscored that the stimulus reduction is "by no means on a preset course."
Investors will scrutinize Fed Chairman Ben Bernanke's semi-annual Congressional testimony for tapering timetable clues.