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March rate-hike expectations have risen to their historical highs... (around 36%)

Longer-term Treasury yields took another leg higher as Yellen talked about the Fed's balance sheet.

Bank stocks are leading post-Yellen with bonds and bullion lower... The broad stock indices are unchanged...

Utes, Tech, and Energy are weighing on indices, only banks are higher...

• Yellen to Face Questions on Trump’s Impact on Economy (WSJ)
• Fed has limited view on Trump economic policies as Yellen heads to Congress (Reuters)
• Oil rises as OPEC-led output cuts trim oversupply (Reuters)
• Mnuchin’s G-20 Debut Clouded by Currency Chatter (BBG)
• Israel’s Netanyahu Prepares for High-Stakes Talks With Trump (WSJ)
• Peugeot Owner in Talks to Buy GM’s European Business (BBG)
• Challenge to Trump travel ban moves forward in two courts (Reuters)

After Credit Suisse reported yet another significant loss for the full year 2016, amounting to 2.35 billion Swiss francs, more than the CHF2.07bn expected, the Swiss banking giant said it was looking to lay off up to 6,500 workers and said it was examining alternatives to a planned stock market listing of its Swiss business.

European, Asian stocks declined, halting a global rally that sent U.S. stocks surging to new all time highs faltered, weighing on the S&P although the index rebounded modestly after a kneejerk announcement lower overnight after Trump's National Security Advisor announced his unexpected resignation.

The last time the market was especially concerned about used to be one of the core pillars of "Japan, Inc.", Toshiba, was in late December when in its second major accounting scandal announcement in as many years, Toshiba said cost overruns at U.S. nuclear reactors it is building were likely to force a write-down of as much as several billion dollars, crushing its turnaround plan after a previous accounting scandal revealed in 2015, and claiming the jobs of the company's then CEO. The company said it may have to book several billion dollars in charges related to a U.S.