Fed Chair Yellen's testimony to be the main event - BBH

Research Team at BBH, suggests that the main event in North America today is Fed Chair Yellen's testimony to Congress. 

Key Quotes

“Given the proximity to last week's FOMC statement and press conference, she is unlikely to provide much in the way of new insight.  Yellen walks a fine line.  She acknowledges the weakness of the recent jobs data, but also shies away from letting one report challenge the general understanding that the economy is rebounding in Q2, with improved consumption, as the Fed had anticipated.   

At her press conference last week, Yellen indicated that a July hike was not "impossible."  We see this as "damning by faint praise," suggesting that the bar to a July hike is high, and seems to require a strong rebound in jobs and continued expanding consumption.”