U.S. stock index futures pointed to a sharply higher open on Wednesday after a very volatile week so far, as investors digested the written testimony from Federal Reserve Chair Janet Yellen.
In her prepared remarks, Yellen said that, if the economy were to disappoint, a lower path of Fed funds rates would be appropriate. She also said that near-term inflation remains low due to falling energy prices, but that the FOMC expects inflation to reach 2 percent in the medium term.
Dow futures held about 110 points higher after the testimony’s release, after briefly gaining 150 points. Yellen is scheduled to testify in front of Congress Wednesday and Thursday.
Coming Up This Week:
MBA Mortgage Applications
EIA Petroleum Status Report
Bloomberg Consumer Comfort Index
Janet Yellen Speaks
Baker-Hughes Rig Count