NEW YORK (CNN/Money) - Markets are forever "bracing" for the Fed chairman's testimonies, at least as we journalists typically report it, but I will be taken aback if anything surprising comes out of today's testimony to the Joint Economic Committee of Congress.

At the end of the day my bet is Greenspan gives us the same view he has given us for months: the economy is growing (so what if manufacturing has slowed a bit?); jobs are growing, no worries about May's payrolls slowing; inflation is still under control but there are some pressures building ...

Conclusion: Gotta keep hiking short-term rates till they stop being "too stimulative."

Now, a far more cogent observation from Michael Gregory at BMO Nesbitt Burns. He notes that last year at this time when Mr. G. spoke to the JEC he set the stage for the series of rate hikes that started in June 2004 by saying that the Fed's key short-term rate would have to rise "at some point" to keep inflation from "eventually emerging."

At the time bonds were selling off, taking the 10-year note from 3.68 percent in March to 4.87 percent that June, right before the Fed pulled the trigger. Flash forward to right now where bonds are being bought like crazy taking the yield do from a recent high of 4.64 percent in late March to around 3.93 percent now.

So Gregory asks the question: Will Greenspan validate that move today by setting the stage for a pause in the rate hikes? Meanwhile stocks are said to be lower because folks there are afraid the Fed chief will signal more he's more worried about inflation and ready to keep on hiking rates indefinitely.

I appreciate the questions raised on both fronts and I still come to the same conclusion: Alan's mind is made up, at least for now, he's got a story and he's sticking to it. No surprises today.

Still worth watching though: What will Mr. G. say about the housing bubble? More hints that he's worried more than before? Should China de-peg its currency? Are personal accounts for Social Security still a good idea? Pour a cup of coffee, sit back, and watch the show.

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-- Kathleen Hays is economics correspondent for CNN and contributes to Lou Dobbs Tonight.