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What to expect from Yellen?

BNPP: "Our economics team does not expect today’s message to differ notably from what was communicated in the statement, press conference and FOMC minutes (of June 18). While jobs data has beaten expectations, GDP components have been generally weak. With asset purchases not expected to end until the October meeting, the FOMC likely sees no reason to clarify its intentions on the timing of rate hikes at this time".

Goldman Sachs: "We do not expect a major shift in tone from her press conference following the June FOMC meeting. We would not be surprised to hear her give some additional acknowledgement to improving labor market conditions following June's further decline in the unemployment rate. It is possible that she will receive some questions about the recent firming of inflation, which she downplayed in the June press conference".


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