Day 1 of Dr. Yellen’s trip to the Hill is done, and the official tone is “cautious,” with Yellen predicting continued economic growth and eventual additional rate hikes but expressing concerns about international threats to the US economy – NYTimes and WSJ

As markets continue to crater and confound, the Journal offers up “5 theories to explain the chaos” – WSJ

American and European regulators have reached across the Atlantic to agree on a common set of requirements for regulating derivatives clearninghouses in an effort to ease capital constraints and “end three years of heated debate on how best to establish common market standards to ensure greater stability in the financial markets” – NYTimes and Law360

Walgreen’s has given embattled blood-testing company Theranos 30 days to shape up or be shipped out – WSJ

Some play-by-play from MetLife’s big SIFI label fight against the Financial Stability Oversight Council and its hearing yesterday before Judge Collyer in Federal District Court for the District of Columbia – NYTimes and Bloomberg and Law360

An HSBC unit is asking a NY appeals court to resurrect its lawsuit against Nomura over a toxic pool of $289 million in RMBS. HSBC, as trustee, alleged that Nomura failed to cure or repurchase poor performing underlying loans, but a trial court dismissed the case as outside the 6-year statute of limitations – Law360

Hedge-funder Kyle Bass proved his prescience by betting against US mortgages during the subprime crisis. So plenty of people are paying attention when he starts talking about China’s banking system facing losses FOUR TIMES as big thanks to nonperforming loans – Bloomberg

So much for Goldman’s ability to, you know, predict the future – Bloomberg

Retro’s all the rage, so why not the return of Pee-wee Herman—a character designed as “untethered to any one moment in time”—and his first big screen appearance (in Pee-Wee’s Big Holiday) in nearly 30 years – NYTimes