Week ahead: Will the Fed change its inflation tune?

Jerome Powell, the Federal Reserve’s June meeting tops the Reuters Business Calendar for the week of June 14th.

The Federal Reserve will meet on Tuesday and Wednesday amid signs that the economic rebound is gaining traction, and inflation is showing little sign of slowing down.

The Fed's favorite inflation reading recently posted the biggest year-over-year surge since 1992.

Some Fed watchers want Powell to use Wednesday's press conference to tweak his message to Wall Street.

But Gerber Kawasaki CEO Ross Gerber isn't one of them.

"I think the Fed should be very, very careful on the short term about what they say and should be really focused on letting things run like they've talked about for at least the next six months. And I do think that's a discussion we'll need to have around Fall about stimulus and pulling back, like the bond purchases first."

Two pieces of key economic data are released on Tuesday, just as the Federal Reserve starts its meeting.

The Producer Price Index for May comes fresh on the heels of the biggest 12-month jump in the Consumer Price Index in over a dozen years.

Economists polled by Reuters expect the PPI to show a month-to-month rise of 0.6 percent. But it’s the year-over-year number that will matter most. That's expected to show a surge of 6.4% after April saw the biggest rise in more than a decade.

And official retail sales figures are also released on Tuesday. Economists forecast a drop of 0.4 percent for May after a flat reading the month before.

International issues take focus on Wednesday. That’s when U.S. President Joe Biden meets with Russian President Vladimir Putin in Geneva, Switzerland.

Biden is expected to bring up the numerous cyber hacks against U.S. interests that intelligence officials say are coming from Russia's borders.

Things get lighter, much lighter the rest of the week.

The big gaming expo known as E3: Electronic Entertainment Expo begins on Thursday in California.

You can expect announcements from console makers and video game companies like Electronic Arts.

The Tribeca Film Festival continues for a second week in New York. Some of the events are the first in-person screenings since 2019.

It is expected to be a star-studded event as Hollywood comes to New York.

Up on the Big Screen: "Hitman's Wife's Bodyguard."

This is the kind of flash and bang movie the industry hopes will convince movie-watchers to get off the couch and go to the theater.

The sequel has plenty of eye candy too: Salma Hayek, Samuel L. Jackson, Ryan Reynolds and Morgan Freeman.

It opens exclusively in theaters on Wednesday.

Movie ticket sales have seen a steady rise since Memorial Day weekend, the unofficial kickoff to the crucial Summer blockbuster season.

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