Next week, a flurry of speeches by Federal Reserve officials is expected. Pay attention to how officials interpret the CPI data and their potential inclination toward further interest-rate hikes.

BlockBeats News, July 11. Deutsche Bank said that after several weeks of relatively quiet comments from Federal Reserve officials, next week will see a flurry of speeches ahead of the blackout period.

What’s drawing the most attention is that Waller will kick things off on Monday with a speech to the New York Association for Business Economics. Chairperson Wašh will testify on Tuesday and Wednesday. Several officials will deliver outlook remarks after the release of the June CPI data (Cook on Wednesday, Jefferson, the Dallas Fed’s Logan, and the Kansas City Fed’s Schmid on Friday).

Wosh is expected to reiterate his recent remarks, while staying silent on future policy actions. Waller, however, usually prefers to explain his policy response mechanism and expectations in detail, so his speech will be closely watched to pick up any signals about his policy leanings.

For outlook speeches, the market is focused on how officials interpret this week’s inflation data and whether any officials lean toward a July rate hike. As shown in the June meeting minutes, “several” officials believed there was justification for a rate increase last month. Since then, the situation has been mixed: oil prices and inflation expectations have eased, but have partially rebounded afterward, and the unemployment rate has continued to fall. It’s not out of the question that there could be dissenting votes supporting a rate hike at the July meeting.