Yellen's view not controversial
The S&P 500 is off prior lows (-1.5%) with a current 0.9% decline. Revisiting Treasury Secretary Yellen's observation on interest rates, it really isn't that novel of a view as many have been calling the 10-yr yield to rise to 2.00% for a while now. Fed Chair Powell also said that higher rates have been pricing in greater economic growth. There's also some confusion, as Ms. Yellen didn't specifically call for a rate hike from the Fed. In other words, Ms. Yellen was stating the obvious in that with greater economic growth comes higher interest rates, which in turn helps keep the economy from rising too rapidly with natural market forces. Looking ahead, T-Mobile US (TMUS 128.40, -3.05, -2.3%), Zillow (ZG 124.33, -4.76, -3.7%), and Lyft (LYFT 55.59, -1.49, -2.6%) are some notable companies that will report earnings after the close.