• The Fed Chair testifies for a second day, this time before the House Financial Services Committee, on the economy and policy. Her comments before the Senate Banking Committee on Tuesday triggered a bond market rout and helped drive stocks to new highs.
Consumer inflation, measured by CPI, has been picking up, and while it's not the preferred Fed inflation gauge, a jump in inflation could give the market more reason to speculate on an earlier rate hike. Fed watchers currently expect the next hike in June, and many see just two hikes this year, while the Fed forecasts three.
• Oil prices dipped on Wednesday over concerns that OPEC producers would not be able to maintain their high compliance so far with output cuts aimed at reining in a global fuel supply overhang.
Brent crude LCOc1 was trading at $55.83 per barrel at 0800 GMT (3 a.m. ET), down 14 cents from its last close.
U.S. West Texas Intermediate (WTI) crude CLc1 was down 23 cents at $52.97 per barrel.
Reference: Reuters
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