1 Communicating with many Tongues: The Impact of FOMC Members Speeches on U.S. Financial Markets’ Returns and Volatility Bernd Hayo*, Ali Kutan + , and Matthias Neuenkirch* *Philipps University Marburg and + Southern Illinois University Corresponding author: Bernd Hayo Faculty of Business Administration and Economics (FB 02) Philipps-University Marburg D-35032 Marburg Germany Tel.: ++49(0)6421-2823091 Fax: ++49(0)6421-2823088 Email: hayo@wiwi.uni-marburg.de * Thanks to participants of a research seminar at the University of Marburg for helpful comments on earlier versions of the paper. The usual disclaimer applies.