Here Come Producer Prices...
Expectations are for prices to rise 0.2% over last month, and rise 0.2% over last month excluding food and energy. On a year over year basis, prices are expected to rise 1.9% and excluding food and energy, rise 1.7%.
Last month, prices unexpectedly contracted, falling -0.2% and -0.1% excluding food and energy. On a year over year basis, however, May prices rose 2% for both the headline and ex food and energy measures.
This will be a closely watched data point, as the market is looking for any signs of increasing inflation that could force the Federal Reserve's hand with respect to raising interest rates.
Federal Reserve Chair Janet Yellen is set to speak on Capitol Hill again after yesterday appearing in front of the Senate Banking Committee.