Quotes from Danske Bank:
-Fed chairman Yellen's testimony was overall quite neutral and it was hard to gauge where the Fed stands on the lift-off issue. It seems likely that the Fed will remove the forward guidance of being 'patient in beginning to normalize policy' at the March meeting.
-However, Yellen underlined that the drop of 'patient' does not necessary mean that it will hike but will decide at every meeting. All in all, it does not change our view that the most likely month is June with a risk of a later move. We expect curve flattening as 2-5Y rates are expected to rise more than the long end of the curve.
