It’s Janet Yellen day. The new Fed Chair will give her first Humphrey-Hawkins testimony on the state of the economy in front of Congress today. It will be the first time the public has heard from her since she has taken office.
Markets are considerably more calm than they were just a few days ago, when there was significant selling pressure almost everywhere.
Today markets are rallying pretty much everywhere, with gains being seen in Europe, US futures, and Asian stocks.
A side story is that the Kazakh central bank devalued its currency, the tenge, by 17% today — the latest emerging market now to see a big currency dive.