February 14, 2017
Janet Yellen's congressional testimony proved mixed. On a hawkish note, she's warning that pushing back rate hikes could jeopardize the economy yet on the dovish side she's not pushing, like others at the Fed, for an unwinding of the central bank's bond-buying program.
Stocks rallied through the session with major indexes posting new lifetime highs including the Dow which added to yesterday's 0.7 percent rise with a 0.5 percent gain to 20,504. But once again movement in other markets was limited with the 10-year Treasury yield up a slight 3 basis points to 2.47 percent and the dollar index up 0.2 percent to 101.22.