Wall Street Looks to Economic Data for Clues on the Fed

Yellen hints at summer rate hike

by Sue Chang
Market Watch

Memorial Day marks the unofficial beginning of summer, but baseball and barbecues may have to take a back seat to Fed watching for a while longer for investors who remain preoccupied with the timing of the Federal Reserve’s next rate increase.

The nonfarm payrolls report, a closely watched barometer of growth, is likely to provide an important clue given the increasingly hawkish tone of Fed officials with even Chairwoman Janet Yellen embracing the possibility of higher rates.

“Strong jobs data is a sign that the economy is doing better and that the chance of a rate hike is increasing,” said Karyn Cavanaugh, senior market strategist at Voya Financial.

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