The Federal Reserve has set the stage for an eventual tapering of its bond buying program, and markets will likely continue to respond in the week ahead to the idea of a step away by the Fed from the pandemic era's extremely easy policy.
Stocks sold off in the past week, the dollar strengthened, and short duration bond yields rose, as investors adjusted their positions.
Fed Chairman Jerome Powell speaks before a Congressional panel Tuesday on the Fed's Covid policy response and the state of the economy. That could be a highlight in the coming week, which could be a volatile first week of summer.
There is also personal consumption expenditures data Friday, which includes an important inflation reading monitored by the Fed. Housing data will also be key, after a jump in mortgage ratees following the Fed's meeting Wednesday.
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