Yellen to repeat that the Fed will be "patient" before raising rates: Nordea

Quotes from Nordea Markets:

-The main focus of today will be on the US, where Fed Chair Yellen presents her semi-annual monetary policy testimony to Congress today and tomorrow. If Yellen would like to start shifting the rhetoric that has pointed to a first rate hike around mid-year towards a later date for lift-off, this may be the forum.

-We expect Yellen to repeat that the Fed will be "patient" before raising rates, and we continue to look for the first rate hike in September. In the US we will also get data on Case-Shiller home prices and the Conference Board's consumer confidence survey today.