U.S. Federal Reserve Chair Janet Yellen is scheduled to appear in front of Congress this week to present her semiannual testimony on monetary policy. And following a dovish interpretation by the markets of the minutes from the Fed’s Open Market Committee meeting in late January, investors should not be surprised if Ms. Yellen takes to the microphone on Tuesday and Wednesday with a more hawkish-than-expected tone about the Fed’s intentions for raising interest rates. The Fed wants to raise rates as early as June, and it seems they are running into a credibility problem in getting the markets to actually believe it.
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