Janet Yellen Speech: Congressional Testimony - Day 2 - Live

Janet Yellen, Chair of the Board of Governors of the Federal Reserve System, is returning to Capitol Hill to deliver the second part of her testimony before the Senate Banking Committee at 14 GMT. 

On Wednesday, in her statement before the House Financial Services Committee, Yellen reiterated the views from the June meeting and said that the Fed was planning to start shrinking its massive $4.5 trillion portfolio later this year, and the bank was on track to continue with gradual interest rate hikes.

Key notes:

Fed: Yellen was dovish yesterday? - BBH

Many observers looked at the decline in US bond and note yields and concluded Yellen was dovish, but analysts at BBH note that the best guide for Fed policy is not the coupon curve but the short end. Read more

Fed switching focus to balance sheet reduction - AmpGFX

The Fed has risen rates to a point where it is shifting focus to balance sheet reduction, explains Greg Gibbs, Analyst at Amplifying Global FX Capital. Read more

About Janet Yellen

Janet L. Yellen took office as Chair of the Board of Governors of the Federal Reserve System on February 3, 2014, for a four-year term ending February 3, 2018. Dr. Yellen also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body.

Committee on Financial Services Hearing: “Monetary Policy and the State of the Economy”