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Look Ahead: Could Fed's Yellen sound like a hawk?

Janet Yellen
Andrew Harrer | Blooberg | Getty Images

Fed Vice Chair Janet Yellen will likely stick to a tight script Thursday when she appears on Capitol Hill, but her comments could still make waves in markets.

Yellen testifies at her confirmation hearing before the Senate Banking Committee at 10 a.m. Ahead of the testimony, she released a statement, in which she noted that the economy has made progress with the Fed's support, but that there is farther to go. She also spoke to the Fed's dual mandate, saying unemployment at 7.3 percent was too high and inflation is below the Fed's 2 percent target.

Yellen was nominated to replace Fed Chairman Ben Bernanke when he leaves at the end of January. She is not expected to make any policy declarations, or go into detail on Fed programs, though she is likely to be grilled about the Fed's unconventional policies.