Fed Chair Janet Yellen's appearance before the Joint Economic Committee of Congress is the main event for markets Thursday, and it's very likely the Fed chair will come under some fire from politicians on both sides of the aisle.
"I'd like to hear a clear signal that we're going to get a rate hike in December and the outlook. But things are going to be so politically charged that it's hard to know if we're going to get any useful information out of it. I think Republicans will be galvanized by the win and the fact they are at the helm now," said Tom Simons, chief money market economist at Jefferies.
Yellen was scheduled to testify on the economy at the 10 a.m. hearing, but now she is expected to be asked about President-elect Donald Trump's plans to cut taxes andlaunch a hefty infrastructure spending program next year. But the Fed itself is also likely to be a topic of discussion.