Janet Yellen's second leg of her congressional testimony did not produce any new major headlines. Comments of note include her confidence in the structure of the FOMC and her lack of support for tying the committee to monetary policy rules. She also noted, in reference to talk of deregulation in Washington, that the Fed is proceeding with its regulatory review process. She said the labor market is "quite close" to maximum employment and noted that immigration is an important part of the nation's labor growth. On wages, she repeated that most measures have been on the upswing. She said lack of borrowing among small businesses reflects lack of strength in overall economic growth and not lack of access to funding. On the balance sheet, she said the FOMC is leaving the composition unchanged and does not intend to sell mortgage-backed securities. In sum, she expects the FOMC to continue to remove accommodation and repeated yesterday's comments that the best way to do this is with rate hikes, not through balance-sheet fluctuations.