A speech by Fed Chair Janet Yellen and consumer inflation data guarantee that more traders will be working than otherwise might be ahead of the three-day Memorial Day weekend.
“We can already feel right now how activity’s shutting down for the weekend. It feels like they pulled the plug on the market momentum,” said Bank of Tokyo-Mitsubishi chief financial economist Chris Rupkey.
Trading volumes are expected to be sluggish on Friday, and desks should still be relatively lightly staffed, but they will be primed for Yellen’s 1 p.m. ET speech on the economy to the Greater Providence Chamber of Commerce. The consumer price index is released at 8:30 a.m. ET, and is expected to show a 0.1 percent gain on the headline, or 0.2 percent, without food or energy.