Next week, a flurry of speeches from Federal Reserve officials will take place, with focus on their interpretation of CPI data and potential interest rate hike tendencies.

Deutsche Bank noted that after several weeks of relatively sparse remarks from Federal Reserve officials, a flurry of speeches ahead of the pre-meeting blackout period is coming next week. The most notable events include: Fed Governor Christopher Waller kicking off the week with a speech at the New York Association for Business Economics on Monday; Fed Chair Jerome Powell testifying on Tuesday and Wednesday; and several officials delivering outlooks after the release of June CPI data – Cook on Wednesday, Vice Chair Philip Jefferson, Lorie Logan of the Dallas Fed, and Schmid of the Kansas City Fed on Friday. Powell is expected to reiterate his recent stance of remaining non-committal on future policy moves. Waller, meanwhile, is typically more willing to elaborate on his policy reaction framework and outlook, so his speech will be closely watched for any signals about his policy leaning. For the outlook speeches, the market is focused on how officials interpret this week’s inflation data and whether any are leaning toward a rate hike in July. As shown in the June meeting minutes, “several” officials saw justification for a rate hike last month. Since then, the landscape has been mixed: oil prices and inflation expectations dipped before partially rebounding, while the unemployment rate fell further, raising the possibility of a dissenting vote in favor of a rate hike at the July meeting.