CAC 40 was down 0.3% and Frankfurt’s DAX was down 0.2%. The former Federal Reserve Chair’s testimony, which concluded midafternoon, gave Yellen the opportunity to sell President-elect Joe Biden’s $1.9 trillion fiscal stimulus plan. Yellen emphasized the need to “defeat the pandemic” first before tackling the deficit, and bolster global confidence in the U.S. economy. She also warned that the nation faces “difficult months ahead” before it achieves widespread vaccination. Yellen confirmed that no tax hikes or repeals of 2017’s legislation are on the table near-term, nor while the country struggles with the pandemic. Yet there was some surprise in the testimony, according to Max Gokhman, Head of Asset Allocation at Pacific Life Fund Advisors, regarding potential future changes. “Yellen said that the details of tax changes may be featured in this year’s infrastructure bill, which she is going to help draft. This could be setting up an ebullient market for a bit of a bull correction. Investors are more likely to get jolted when seeing details of the tax hikes, just as they got giddy in 2017 when the corporate tax cuts were announced.”