Markets are in the lull between the earnings season and the next Federal Reserve meeting.
A highlight in the week ahead will be Thursday's May Consumer Price Index, which could show headline inflation running near 5% year-over-year. Inflation has been on the market's mind after a series of hotter reports. If the surge in prices is not temporary, as the Fed expects, then the central bank may be forced to move away from its easing policies sooner than expected.
Strategists say that easy policy has helped lift the stock market and the liquidity is also a booster behind the speculative frenzy in meme stocks, like AMC. The supercharged activity in memes is also creating some concern that there's a bubble brewing in the overall stock market.
"Who knows what it is, but the kindling is building and as soon as a match hits it, the market is setting up for a 7% to10% pullback at some point," said one strategist. "Who knows what starts it ... One of the candidates very likely will be some kind of reductions in monetary policy."
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