Two key reports — retail sales and the Consumer Price Index — may provide more clues Wednesday than Janet Yellen about how soon the Fed could raise interest rates.
The Fed Chair testifies for a second day, this time before the House Financial Services Committee, on the economy and policy. Her comments before the Senate Banking Committee on Tuesday triggered a bond market rout and helped drive stocks to new highs.
Consumer inflation, measured by CPI, has been picking up, and while it's not the preferred Fed inflation gauge, a jump in inflation could give the market more reason to speculate on an earlier rate hike. Fed watchers currently expect the next hike in June, and many see just two hikes this year, while the Fed forecasts three.
Reference: CNBC
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