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Via Dave Lutz at JonesTrading, here’s a quick guide to what traders are talking about on Wednesday morning:

• Spoos up small. YHOO in focus on headers about spinoffs, BABA stake and MM Tenure.
• Euro Stocks were stronger early, but with the ECB’s cuts built in, it’s a “Sell the News” event.
• Shanghai Composite was up 2.3% – Banks surged – CITIC Bank, Beijing Bank and Ningbo Bank leapt by the daily limit of 10%. Industrial Bank, Ping An Bank and Huaxia Bank rallied more than 6%.
• Aussie GDP stronger, but weakness in Miners weighed.
• Most EM Markets closed red into 2 appearances by Yellen the next few days.
• DXY headed back to 12Y highs as the Euro drops on weak inflation figures.
• Gasoline giving back some of yesterday’s EPA related surge.
• Oil off 1% as API figures showed a build of 1.64M, with Cushing inventories up 453k – DOE today at 10:30 (Street looking for a 800k draw).
• Iron Ore new decade lows, but most metals are higher – even Gold despite the higher $/

Ahead of us today, we have Fed’s Lockhart (2015 Voter) speaking on U.S. Economy at 8:10, while Yellen Makes Welcoming Remarks at 8:30, right when ADP Employment and Nonfarm Productivity hit. ISM New York posts at 9:45, just before the Bank of Canada Rate Decision at 10am. We get DOE data for Crude at 10:30 – then all eyes on the Fed, with Yellen speaking to the Economic Club of Washington at 12:25, the Beige Book release at 2pm, and Fed’s Williams (2015 Voter) delivering a Outlook Speech at 3:40. Down in Washington – Senate meets at 9:30am; to consider budget reconciliation legislation that would repeal key parts of Obamacare, bar any federal funds for Planned Parenthood and its affiliates, while the House meets at 10am; to consider reauthorizing education programs through fiscal 2020.

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