07:02 AM EDT, 07/08/2024 (MT Newswires) -- US investors are looking ahead to Federal Reserve Chair Jerome Powell's Congressional testimony and the consumer inflation data for clues about the future direction of the central bank's monetary policy, as well as some big bank earnings this week.

* Powell will return this week to Capitol Hill for his two-day semi-annual monetary policy testimony before the US Congress. Powell is scheduled to speak before the Senate Committee on Banking, Housing and Urban Affairs on Tuesday, and before the House Financial Services Committee on Wednesday.

* The consumer price index will be released on Thursday, with forecasters calling for a 0.1% monthly uptick for June following a no change in the prior month.

* Meanwhile, producer prices, due on Friday, are expected to increase by 0.1% for the month versus a 0.2% downtick previously.

* Other releases for the week include jobless claims and consumer sentiment.

* On the earnings calendar, banking giants Citigroup ( C ) , JPMorgan (JPM), Bank of New York Mellon (BK), and Wells Fargo ( WFC ) are scheduled to report quarterly earnings on Friday. Food and beverage manufacturer PepsiCo ( PEP ) will also report on Thursday.