Fed Chair Yellen’s semiannual testimony before Congress is the most important event of the week. The Chair will appear before the Senate Banking Committee on Tuesday and the House Financial Services Committee on Wednesday. We can expect Yellen to reiterate the cautious message of last week’s post-FOMC meeting press conference. However, we cannot discount the risk that she will deliver a slightly more upbeat message in case she is dissatisfied with the financial markets’ interpretation of the path of monetary policy.