Is Yellen Trying To Ride Into The Sunset?

"Yet I can’t help but wonder if Yellen simply doesn’t want to upset the apple cart towards the end of her term. She can see the finish line and I have no doubt she is hoping to make it without a financial crisis, she is simply trying to not make a mistake. So instead of reinforcing Dudley and Fischer’s message, she plays it safe...But worries about overly easy financial conditions have not suddenly disappeared..."

Decoding Yellen's Message

"I know you think you understand what you thought I said, but I’m not sure you realize that what you heard is not what I meant..."

Watch Live: Yellen Testimony Day 2, And Three Questions She Should Answer

It's time for day two of Yellen's semi-annual testimony with the Fed Chair today appearing before the Senate Banking Committee. While the prepared remarks are identical, in her speech on Wednesday, Yellen said the U.S. economy should continue to expand over next few years and stressed a gradual approach to tightening as central bank monitors inflation. The attention will be on the Q&A.

SocGen's "Pretty Simple" Explanation Of Janet Yellen's Testimony

“It’s pretty simple.....don’t overcomplicate it...As long as US interest rates consolidate and fears about a move to well north of 2.5% remains in check, the positive tone in emerging markets that prevailed prior to mid-June should resume”.

Global Stocks Hit New All Time High After Dovish Yellen, Strong Chinese Trade Data

The hawkish tone and global bond tantrum unleashed by central bankers at the Sintra ECB forum two weeks ago is now a distant memory, and after Janet Yellen surprised markets with an unexpectedly dovish testimony yesterday, overnight global shares hit their fourth all-time high in less than a month as Septmeber and December rate hike odds tumbled, pushing the dollar to the lowest level since September 2016.

Alan Dershowitz Slams New York Times For Trump Jr. "Treason" Claims

"Obviously if anyone conspired in advance with another to commit a crime – such as hacking the DNC – that would be criminal. But merely seeking to obtain the work product of a prior hack would be no more criminal than a newspaper publishing the work product of thefts such as the Pentagon Papers and the material stolen by Snowden and Manning."

10Y Auction Tails, Bid to Cover Drops In Mediocre Reopening

Overall, a mediocre reopening with metrics coming on the weaker side of recent averages, which perhaps was surprising in light of today's dovish testimony by Yellen, although in light of recent higher yields in the 10Y bucket this may have been as good as it gets.

Janet Yellen Is About To Speak: Here's What To Look For

Fed Chair Yellen will be testifying to the House Financial Services committee at 1000EDT, followed by testimony tomorrow before the Senate Banking Committee, however her prepared remarks will be released 90 minutes earlier, at 8:30am. Courtesy of RanSquawk, here are the main things to look for in her prepared testimony as well the subsequent Q&A...