It's Going Be A Big Day For The Economy

Economic data watchers, rejoice: It's going to be a big day.

Three events are coming up. From Calculated Risk:

• At 8:30 AM ET, Retail sales for June will be released. The consensus is for retail sales to increase 0.6% in June, and to increase 0.5% ex-autos.

• Also at 8:30 AM, the NY Fed Empire Manufacturing Survey for July. The consensus is for a reading of 17.0, down from 19.3 in June (above zero is expansion).

• At 10:00 AM, Testimony by Fed Chair Janet Yellen, Semiannual Monetary Policy Report to the Congress, Before the Senate Banking, Housing, and Urban Affairs Committee, Washington, D.C.

Retail sales will be huge to watch, as that will give us the clearest indication of whether consumers have kept up their summer momentum. Some retailers have indicated that consumers have not, which is worrisome.

And of course, traders will obsess over every word from Janet Yellen, to see if she gives any indication of indicating perhaps rate hikes could come sooner than expected.

We'll be covering it all LIVE.