Later today Fed Chair Janet Yellin will unleash some more of what we call the Janet effect when she traipses up the hill to appear before Congress .
Her testimony may turn out to be a non-event but the markets will be watching and listening for any slip of the tongue or hint that may give them an edge as to when and what the Fed's liable to do next.
Federal Reserve Governor Jeremy Stein speaking Tuesday night at New York University pointed out that the Fed should worry less about market volatility whenever it releases its statements. "There is always a temptation for the central bank to speak in a whisper, because anything that gets said reverberates so loudly in markets," he noted.
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