There are also two afternoon events that the markets will be watching. Fed Chairman Powell has a speaking engagement at 1:30 PM ET Wednesday. Fed members make speeches on a regular basis, many without much fanfare. However, this one comes from Chairman Powell and the topic is titled Economic Outlook, Inflation and the Labor Market. All three are hot-topics for the bond market and mortgage rates. At the very least we will see a minor move in bond prices during his speech. On the other hand, his words could be a significant market mover, especially when those subjects are being discussed.