We've seen several FOMC speakers over the previous days, and it appears that most of the FOMC members are sticking to Powell’s script that the surge in consumer prices will fade. Thus the Fed should be in no hurry to taper or raise rates.
Later in the day, Cleveland President Loretta Mester and Boston's Eric Rosengren are due to speak.
Additionally, the PCE inflation indices will be released, seen as the Fed’s favorite gauge of inflation. According to this measurement, inflation is expected to rise to 3.4% in May, climbing from the 3.1% recorded the previous month.
Still, that is way above the 2% target, so it should motivate the central bank to start acting soon.
From other news, the 10-year US yield remains below 1.5%, and it looks like it might continue lower over the next few days. That might be negative for the US dollar but bullish for precious metals, which are trying to recover from last week's slump.