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Megabank CEOs go to the Hill — What to know in markets Wednesday

Heidi Chung

Market watchers can expect a packed Wednesday.

Ahead of the opening bell, the Labor Department will be releasing CPI data for March. CPI is often looked to as a key inflation gauge. Economists polled by Bloomberg are expecting core CPI to have risen 0.2% from last month and 2.1% from last year.

“A rebound in energy prices is likely to have pushed headline inflation back up towards 2% in March, but core inflation should have remained well contained,” Capital Economics wrote in a note on Friday. “We don’t expect gasoline prices to continue rising, however, particularly not when global growth is slowing, so headline inflation should drop back again over the coming months.”

Then at 9 a.m. ET, CEOs from the big banks will head to Capitol Hill to testify before the House Committee of Financial Services. The event is called “Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 Years After the Financial Crisis.”

Citigroup (C) CEO Michael Corbat, JPMorgan Chase (JPM) CEO Jamie Dimon, Morgan Stanley (MS) CEO James Gorman, Bank of America (BAC) CEO Brian Moynihan, State Street (STT) CEO Ronald O’Hanley, Bank of New York Mellon (BK) CEO Charles Scharf and Goldman Sachs (GS) CEO David Solomon will be attending.

Each CEO submitted public statements on Monday evening ahead of the hearing.

Finally, the minutes from the Federal Open Market Committee’s (FOMC) March meeting will be released at 2 p.m. ET. Market watchers will be looking for clues on just how dovish the Fed has gotten. More details regarding the balance sheet are unlikely, according to TD Securities. “The minutes are likely to show peak dovishness in terms of nervousness about the outlook. Balance sheet details are unlikely,” the bank wrote. Furthermore, ING predicts that the Fed will “give some clues as to what it may take for the Fed to deviate from their current “patient” stance on monetary policy. We continue to look for stable rates through 2019.”

On the corporate earnings front, Delta Airlines (DAL) will report before the bell, and Bed Bath & Beyond (BBBY) will report after the market close.

Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.

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