Here comes Janet Yellen ...
Yellen's speech is titled, "Inflation Dynamics and Monetary Policy."
In her latest press conference, Yellen emphasized that inflation is and would remain a primary concern for the Fed, suggesting that the Fed's "credibility" rests on its ability to reach its 2% inflation target.
The question ahead of this speech is whether Yellen will follow the path of Fed vice chair Stanley Fischer, who in August suggested that the Fed could move to tighten monetary policy before inflation had moved all the way back to the Fed's target.
Markets are also wondering if Yellen will use this speech as an opportunity to clarify the Fed's plans. The latest "dot plot" suggests a rate hike is coming this year, but the inflation outlook for the Fed suggests little will prompt the FOMC to change its policy stance this year.
We'll be back with full reaction and the complete text of Yellen's speech when it drops.