The second update to US GDP figures was pretty much a non-event with results coming in the same as last month. Japanese economic reports overnight which showed a soft economy combined with persistently high inflation or stagflation knocked the Nikkei down overnight. Markets appear to have gotten a handle on the fighting in Yemen for the moment, and crude oil has been giving back some of yesterday’s gains in normal profit-taking by traders. This situation could flare up and move markets again at any time. The main focus of traders today has been on comments from central bankers. Earlier today, Bank of England Governor Carney reiterated that he expects the Bank’s next move to be an increase, settling a debate that had been growing among policy makers lately. This comment sent GBP roaring to the top of the league standings on the day and the FTSE into another tailspin that has it underperforming its peers on a basically flat day for continental indices. US indices, meanwhile, are trading slightly lower on some follow-through from yesterday’s weakness. Just before US markets close for the week, Fed Chair Yellen is expected to speak on monetary policy, which could spark a flurry of action if she gives any hints on whether the Fed is still looking at June for interest rate liftoff or preparing to delay the start to later in the year. Stocks’ struggle of late suggests that traders expect her to align with other Fed members who have indicated this week that rate hikes remain in the plans for this year. Because of this, while stocks, commodities, and currencies may continue to digest recent news through the morning, they could be active right through to the end of the day. Corporate News Blackberry $0.04 vs street ($0.04), sales $660M below street $782M, software revenue 10% of total, company expects software revenues to double to $600M next fiscal year. Economic News Economic reports released overnight and this morning include: US Q4 GDP update 2.2% unchanged vs street 2.4% US Q4 personal consumption 4.4% as expected US Q4 Core PCE inflation 1.1% unchanged as expected Japan unemployment rate 3.5% as expected Japan consumer prices 2.2% vs street 2.3% Japan retail sales (1.8%) vs street (1.5%) UK Nationwide house prices 5.1% vs street 5.3% Sweden retail sales 4.8% vs street 3.6% Norway retail sales 0.9% vs street 0.5% Norway unemployment rate 3.0% as expected Italy retail sales 1.7% vs street (0.3%) Brazil GDP (0.2%) vs street (0.7%) Economic reports due later today include: 10:00 am EDT US consumer sentiment street 92.0 1:00 pm EDT US Baker Hughes rig count previous 1,069 3:45 pm EDT US FOMC Chair Yellen speaking