Both Draghi and Yellen speaks today - BBH

Research Team at BBH, suggests that in terms of monetary policy, both Draghi and Yellen speaks today while the former is behind closed doors with a Germany parliamentary committee. 

Key Quotes

“While Draghi's prepared comments will likely be made available, this is a defensive venue.  No new policy insight can be expected.  Instead, Draghi can be counted on to offer a robust explanation for the easy monetary policy, which has had the support of the vast majority of the ECB. 

He may also reiterate that countries (such as Germany) that have fiscal space ought to use it.  He may also note that part of the reason interest rates is low in Germany is that the country, in defiance of the EC, has excess savings relative to investment (i.e. large and sustained current account surplus).  Also, interest rates are low because monetary policy is being asked to do more than it should.  Governments, including Germany, have been slow to enact structural reform. 

For her part, Yellen is also unlikely to be breaking new ground in testimony before the House Panel on Bank Supervision.  This is not the forum in which monetary policy is the focus.  At least four regional presidents will be speaking through the day, though only two, Bullard and Evans speak during the market sessions.  They are speaking on community banking.  Later, after the markets close, two dissenters Mester and George speak.”