Investors will get consumer confidence data on Tuesday, another revision to second-quarter GDP growth on Thursday, and fresh inflation data on Friday with the release of the personal consumption expenditures index. The Federal Reserve's preferred inflation gauge is expected to show prices increased 2.2% last month, edging closer to the central bank's 2% target.
Investors will also be digesting a lot of Fed speak during the week, with 13 speeches planned from various Fed Presidents and Governors. The chatter comes just a few days after the Fed cut interest rates by 50 basis points at the end of its policy meeting last Wednesday.
In a note and an interview with CNBC on Monday, Minneapolis Fed President Neel Kashkari defended the 50 basis point rate cut, which is notable given that Kashkari was talking about the potential for further rate hikes just a few months ago.
Kashkari has long been viewed as a "hawk" over the past two years as the Fed embarked on an aggressive rate hike cycle to tame inflation.
But he now has shifted his view to more dovish, arguing that the Fed should cut interest rates by another 50 basis points before the end of the year.
"The balance of risks has shifted away from higher inflation and toward the risk of a further weakening of the labor market, warranting a lower federal funds rate," Kashkari wrote.
Kashkari's dot-plot projections show the long-run fed funds rate at around 2.9%, which is higher than the 2.5% he forecasted in March.
Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:
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