Research Team at BBH, suggests that Yellen’s speech to the NY Economics Club is the main focus today. Key Quotes “It is her first major event since the FOMC meeting and follows comments by at least four regional Fed presidents sounding somewhat less dovish than the market understood by the FOMC statement and the dot plot. A fifth President, Chicago's Evans, seen more dovish than the troika of Yellen, Fischer, and Dudley, endorsed two hikes. Yellen's comments are not expected to deviate much from the FOMC statement and her remarks at the press conference. She is managing the transition and the beginning of the normalization of monetary policy with a broad consensus. There was no dissent in December when rates were hiked. There was no dissent in January. KC Fed President George was the sole dissent in March. She favored a hike. San Francisco Fed President Williams sounded somewhat upbeat during a speech in Asia today. He noted some risk that the Fed hits its inflation target sooner than two years and that CPI data for the last couple of months “have been looking good.” He added that the Fed has studied negative rates carefully, but that the Fed won’t resort to that policy in the “foreseeable future.” Elsewhere during the North American session, January CaseShiller housing index and March consumer confidence will be reported. Besides Yellen, the Fed’s Kaplan will speak today.” For more information, read our latest forex news.