The daily business briefing: July 12, 2017

U.S. investors cautious ahead of Yellen testimony, Amazon appears to have notched sales record on Prime Day, and more

Janet Yellen speaks during a news conference
(Image credit: Mark Wilson/Getty Images)

1. Markets cautious ahead of Yellen remarks to Congress

Federal Reserve Chair Janet Yellen is due to start two days of testimony to Congress on Wednesday, potentially giving investors and analysts clues on the U.S. central bank's plans on interest rates. Yellen is expected to indicate that the Fed plans to add more gradual rate hikes to the three it has made since December if the economy continues to show solid job growth, even though inflation has slowed after nearing the Fed's 2 percent target level. U.S. stock market futures were mostly flat early Wednesday in a sign of investor caution ahead of Yellen's remarks, and turmoil in Washington over recent revelations regarding Donald Trump Jr.'s emails about a 2016 meeting with a Russian lawyer, in which he was promised dirt on Hillary Clinton, then his father's Democratic opponent in the race for president.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
Explore More
Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.