Wednesday’s consumer price index report will give much needed insight to where the Federal Reserve will take monetary policy from here.

Inflation has ticked higher in recent months and has spurred worry that price pressures could consistently tick higher once again. Central Bank Chair Jerome Powell said last month the the Fed’s next move would not likely be a rate hike and reiterated a data dependent approach. The sentiment has helped stocks that have found stable footing thanks to a robust first-quarter earnings season.

Still, the CPI print on Wednesday’s will give investors a real test of whether or not rate hikes are really off the table.

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— Brian Evans