Alex Brandon / AP

Janet Yellen begins today the first of two days of testimony before the new Congress, where she will likely be asked to defend the Fed's interest rate policy and the central bank's record on banking regulation. She'll be coy concerning the next rate hike, but offer a full-throated defense of Dodd-Frank. Ian Shepherdson of Pantheon Economics also predicts Yellen will "gently suggest" that fiscal stimulus is not needed, an argument sure to warm the hearts of budget hawks.

Wilbur Ross doesn't divest: The billionaire, incoming Commerce Secretary has declined to divest himself of interest in 11 different companies, though he is selling his ownership in 80 more, the Wall Street Journal reports. The ownership stakes he is retaining however, have already prompted conflict-of-interest accusations. For instance, Ross will retain ownership of shipping concerns, even though the Commerce Secretary has broad powers over issues like international trade, which greatly affect industry profits.

S&P 500 cracks $20 trillion: The overall value of the S&P 500 grew to more than $20 trillion for the first time ever Monday — driven by a combination monetary stimulus, a stable recovery, optimism about the American economy, and solid corporate profits. Investors, however, should use the occasion to question whether the market has gotten ahead of itself, given the many risks—like the threat of trade wars—loom over the global economy.

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There's little consensus on TikTok's specific national security threat

Illustration: Aïda Amer/Axios

TikTok has become a Rorschach test for how U.S. politicians view China, with little consensus on the specifics of its threat to homeland security.

The big picture: Much of what D.C. fears about TikTok is fear itself, and that's reflected in President Trump's executive order to ban the app by Sept. 20 if it's not sold by parent company ByteDance — alongside another focused on Chinese messaging app WeChat and its parent company Tencent.

U.S. sanctions Hong Kong leader Carrie Lam

Photo: Anthony Kwan/Getty Images)

The Treasury Department on Friday placed sanctions on Hong Kong leader Carrie Lam, following months of tension as she has allowed continued overreach by Beijing to subvert Hong Kong's autonomy.

Why it matters: It's the toughest sanction yet imposed on China for its destruction of Hong Kong’s relatively free political system.

GM's high-stakes electric move

The Cadillac Lyriq. Image courtesy of Cadillac

Cadillac on Thursday unveiled the Lyriq, the luxury brand's first all-electric model and GM's first consumer electric vehicle unveil since the Chevy Bolt several years ago.

Why it matters: It's the first reveal by GM of an electric vehicle that will use the company's new modular platform and Ultium battery system — technologies meant to underpin the 20 electric vehicles that GM plans to launch by 2023.