Key Facts

• Bond traders have ramped up their bets for a July interest-rate hike, indicating a growing expectation that the Federal Reserve will increase rates at its next meeting.
• The increased bets come ahead of the release of US inflation data, which is likely to provide further insight into the state of the economy and the potential need for interest-rate action.
• The hearing featuring the head of the Federal Reserve, likely to be Chairman Jerome Powell or another key official, is also expected to reinforce the need for action, with investors closely watching for any signals on the Fed's monetary policy plans.