Stocks flat ahead of Yellen testimony

Yellen Goes On Record: The Fed's Pulling The Plug This Year

Yellen may be seeing the writing on the wall.

Yellen's appearance comes as the Trump administration mulls whether to replace her when her term ends in February. "I'm very focused on trying to achieve our congressionally mandated objectives, and I really haven't had to give further thought at this point to this question". But while Yellen was mostly positive, "her forward-looking comments on the economy and rates seemed a bit less emphatic than those from her press briefing last month", noted Jim O'Sullivan, chief US economist at High Frequency Economics. Yellen delivers a semiannual monetary policy testimony to lawmakers at 1400 GMT on Wednesday and Thursday.

Yellen replied: "It may well be".

The Fed "continues to expect that the evolution of the economy will warrant gradual increases in the federal funds rate over time", Yellen said, while reductions in the Fed's more than US$4 trillion in securities are likely to begin "this year".

Explosion Rocks Air Force Recruitment Center Near Tulsa
In Bixby, Oklahoma in the recruiting center Voyenno-air forces of the U.S. there was an explosion. Bixby police called for the Tulsa Police bomb squad because of a possible pipe bomb at the scene.

The ILO jobless rate came in at 4.5 percent in three months to May versus 4.9 percent in the same period of previous year.

While the Federal Reserve chair is expected to say that the Fed still intends to steadily raise rates, any signals on how the bank is viewing a retreat in inflation and muted wage growth will be closely watched.

Inflation has been running well below the Fed's 2% target in recent months, leading some analysts to argue that the policymakers should hold off on hiking rates or otherwise withdrawing monetary support for the economy.

The major U.S. index futures are pointing to a slightly lower opening on Tuesday following the modest strength seen in the previous session. "She said inflation response to economy is a key uncertainty, alluding to the inflation again, part of the dovishness".

Shelby Rogers advances to 3rd round at Wimbledon
Rogers' confident start belied her world ranking of 70, the American hitting twice as many winners as the top seed in the opening set.

The Federal Reserve said Friday it sees hopeful signs that business investment is poised to rebound from the doldrums of the global financial crisis and boost the United States economy. Further to this, the Fed Chair said how she saw "roughly equal odds that the USA economy's performance will be somewhat stronger or somewhat less strong than we now project".

"It is also encouraging that jobless rates have continued to decline for most major demographic groups, including for African Americans and Hispanics", she said in prepared remarks.

Ms Yellen was also pressed about loans given by Deutsche Bank to Donald Trump, but said that the Fed had not been looking at transactions involving the president.

Poland's President Expects Long-Term Contract for LNG Supplies From US
POTUS's latest mis-grip came on Thursday during his stop in Poland while headed to the G20 summit in Germany. But most of the speech was a call to Europe to stand strong with the United States in defense of the West.

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