University of Baltimore

Janet Yellen will deliver a keynote address during the University of Baltimore commencement ceremony this afternoon (when she will receive am honorary Doctor of Laws degree). The speech is expected to focus on the state of the jobs market and traders are watching for any hints on the Fed's direction heading into 2017.

Before she starts, with 3 hikes expected next year, here is the Fed Funds futures implications currently...

Headlines from her speech:

Global markets begin the last full week of trading of the year in subdued fashion, with U.S. equity futures rising 0.1%, to 2,258.5, European shares decline halting two straight weeks of gains, and Asian shares hitting a four-week low. The Dollar extends losses, yen and gold rise amid geopolitical concerns as the fallout from China's seizure of a U.S. continues to reverberate. Volumes are thinning before the December holiday season and end of the year, with trading in German bund futures about half the average for the past five days.