WEDNESDAY 2/15/17; ADI; ATHM; BG; HUN; PEP; CPI (Consumer Price Index); Retail Sales; Empire State Mfg Survey; Industrial Production; Business Inventories; Fed Speak Including Chair Yellen’s Semiannual Testimony Before the House Financial Services Committee; SPX, INDU, COMPQ, NDX, RUT, NYA and TRAN Print New All-Time Highs; Dow Theory Confirmation; US Stocks Melting-Up Led By Banks; AMAT; ANDE; NLY; CAR; CBS; CF; CSCO; DENN; GRPN; KHC; LBTYA; MRO; MAR; TNH; TIVO; TRIP; WMB

Australia and Asia stocks begin trading with the ASX 200 up +0.9% above the 5800 to 5807. Aussie banks gain from +1% to +3% boosted by Commonwealth Bank of Australia up +2.2% on an earnings beat. Aussie conglomerate Wesfarmers gains +2.3%. Aussie dollar 0.7664.

[Text is redacted. Purchase the 2017-02 chronology to enjoy February's economic and market history including new all-time highs in the stock market.]

Fed’s Dudley says the FOMC plans to gradually remove monetary accommodation. Dudley says it is hard to factor fiscal policy into the forecast at the moment. He says the new fiscal policies from the Trump administration are unclear. Dudley expects rate hikes in the months ahead. Dudley says, “China still faces challenges.”