Here comes Janet Yellen ...

Federal Reserve Chair Janet Yellen is set to make her final speech before the Fed's June 15 policy announcement this afternoon in Philadelphia.

Monday marks the final day before the Fed's pre-meeting blackout period in which we won't hear from any FOMC members ahead of the June 14-15 meeting.

Yellen's speech is set to go live at 12:30 p.m. ET and we will update this page when the full text is out.

Markets expect the Fed's June meeting will come and go without a rate hike.

Monday's speech had previously been seen as a place for the Fed Chair to lay the groundwork for the Fed to be more or less aggressive at its summer meetings (the Fed will also meet in late July).

But following Friday's poor jobs report, markets don't expect any Fed action on interest rates until September.

Closely watched Monday will be any Yellen commentary, of course, on the future of Fed rate hikes but also an update on her assessment of the overall US economy and in particular the labor market.

More to come ...

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