Focus this morning is on this afternoon’s press conference from Yellen after her first FOMC meeting as Chairman. Markets are opening on the quiet side in anticipation, though we’re seeing the better bid environment from the last two sessions spill over to today on light volume. Yesterday two more deals priced, for $1.077 billion in proceeds, in what was a strong secondary day for high yield. Tuesday’s fund flows remains positive, totaling $71 million, as exchange traded fund inflows outweighed slight outflows from mutual funds. It will be interesting to see if we get a new direction after this afternoon’s press conference; most seem to be on hold until then.