The Federal Reserve's two-day June meeting is the big deal for markets in the week ahead. The central bank is not expected to take any action, but officials will be providing their latest economic forecasts, including on inflation and interest rates.
Traders say those forecasts could be market moving when released Wednesday, if Fed officials believe inflation will be hotter in future years or change their forecast for the timing of the first rate hike. Currently, the Fed's forecast does not show any rate hikes through 2023.
"Markets have to get past Wednesday before anyone makes huge bets," said one strategist.
There are a few economic reports, including retail sales, the Producer Price Index inflation reading and industrial production, both on Tuesday. Traders have been watching the slide in the benchmark 10-year Treasury yield, which moves lower when bond prices rise. The move is largely viewed as technical but it has encouraged some buying in tech and growth names.
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