Glass Half-Full Or Half-Empty? Previewing Today’s Big Event

You might recall a post I penned a couple of days ago that highlighted commentary from Morgan Stanley, whose economists suggested the market's interpretation of Yellen's testimony on Capitol Hill was a case of "selective hearing." Well since last Tuesday, the market has had multiple chances to interpret Fedspeak and I think it's fair to say that everyone kind of "wants to believe" in the hawkish narrative. But that's kind of odd, when you think about it. After all, it wasn't four weeks ago whe