Yellen's semi-annual congressional hearing to provide further color on the committee's thinking: Barclays

Quotes from Barclays Capital:

-Other than political developments from the euro area, we expect the focus to be on Fed Chair Yellen's semi-annual testimony to Congress (Tuesday, Wednesday). The latest FOMC minutes highlighted that concerns about downside risks to inflation have risen among several committee members.

-Although we maintain our baseline call for the first rate hike to come in June 2015, we see risks for a later take-off. Given that the FOMC has emphasized that its policy actions will remain data dependent, we believe the dovish tone of the January minutes needs to be read in the context of the strength of subsequent labor market data.

-We look for Yellen's semi-annual congressional hearing to provide further color on the committee's thinking and assessment of the latest data.