The key market-moving event will be the December FOMC statement released on Wednesday at 2PM. In addition, there is one scheduled speaking engagement by Richmond Fed President Lacker on Friday.

On to the main event this week, which will be the likely second US rate hike (Wednesday) in this cycle 10 and a half years on from the last hike in the previous cycle. As DB's Jim Reid calculates, we've seen over 670 rate cuts globally since the GFC but not much more than a handful of hikes. So this is a pretty monumental event. Yellen's words will be the most closely watched part of the day but it would be a surprise if she deviated too far from her remarks to Congress back on November 17th with perhaps the key message being that it was too early for her to judge the impact of President-elect Trump's potential fiscal plans. With little additional info to add on this since the testimony she's unlikely to rock the boat. Whether other members feel the same will be unveiled in the dots. So keep an eye out for that. We'll preview in full on Wednesday.

There's a fair amount of US data alongside the FOMC this week. Given the ECB meeting last week and the recent run up in oil we'll be particularly interested in CPI on Thursday.