Wall Street’s focus will narrow sharply Tuesday morning, when the government releases June inflation figures, five major banks publish quarterly results and Federal Reserve Chair Kevin Warsh begins two days of testimony on Capitol Hill. The unusually compressed schedule could produce rapid moves across stocks, Treasury securities and the dollar as investors compare price pressures with the health of consumers, businesses and financial institutions.

The Bureau of Labor Statistics will release the June Consumer Price Index at 8:30 a.m. Eastern on Tuesday. The prior report showed that consumer prices rose 0.5% in May and 4.2% from a year earlier, accelerating from April’s 3.8% annual rate. Energy prices accounted for more than 60% of the monthly increase, with the energy index rising 3.9% in May and 23.5% over 12 months. Core CPI, which excludes food and energy, increased a more moderate 0.2% for the month and 2.9% from a year earlier.

That split will make the composition of the June report as important as the headline number. A retreat in fuel prices could lower the overall inflation rate without necessarily resolving concerns about shelter, medical care or other service costs. Conversely, evidence that inflation is broadening beyond energy would strengthen the case for keeping monetary policy restrictive and could revive discussion of higher interest rates.

The market reaction is likely to depend on both the monthly and annual readings. A hotter-than-expected report could push Treasury yields higher, weigh on rate-sensitive growth stocks and support the dollar. A cooler result, particularly in core inflation, could ease pressure on bond markets and reinforce expectations that the Fed can hold rates steady while assessing the economy. Producer Price Index figures due Wednesday at 8:30 a.m. Eastern will offer a second look at inflation pressures affecting businesses.

Warsh will face the House Financial Services Committee at 10 a.m. Tuesday, shortly after investors receive the CPI report. He is scheduled to appear before the Senate Banking Committee at 10 a.m. Wednesday. The hearings constitute his first semiannual monetary policy testimony since taking over as Fed chair in May, placing additional attention on how his communication differs from that of his predecessor.

The Fed maintained its federal funds target range at 3.5% to 3.75% at its June meeting. Its statement described economic activity as expanding at a solid pace but said inflation remained elevated relative to the central bank’s 2% objective, partly because of supply shocks affecting energy. Minutes released last week showed that many officials remained concerned that a prolonged period of above-target inflation could influence expectations and wage- and price-setting decisions.

Lawmakers are likely to question Warsh about how long the Fed is prepared to tolerate elevated inflation, whether energy-driven increases require a monetary response and what conditions would justify another rate move. His answers will be scrutinized ahead of the Federal Open Market Committee’s July 28-29 meeting. Investors will also listen for his assessment of employment, consumer demand, productivity and the economic consequences of geopolitical uncertainty.

Warsh may also face questions about the five monetary-policy task forces the Fed detailed on July 9. The groups are reviewing central-bank communications, balance-sheet policy, economic data, productivity and employment, and inflation frameworks. The initiative could eventually influence how the Fed evaluates artificial intelligence, real-time economic signals and the effectiveness of its policy tools. Markets will look for indications of whether the review could produce near-term operational changes or is intended as a longer-term institutional project.

Bank earnings will provide the week’s broadest corporate assessment of the economy. JPMorgan Chase, Bank of America, Citigroup, Wells Fargo and Goldman Sachs are all scheduled to release second-quarter results Tuesday morning. Morgan Stanley follows Wednesday. Having five members of the group commonly described as the six largest U.S. banks report on the same day is unusual and could create significant sector-wide trading before the opening bell.

Investors will focus on net interest income, the difference between what banks earn on loans and securities and what they pay for funding. Deposit pricing remains important because competition for customer balances can limit the benefit banks receive from higher lending rates. Results will also show whether demand for commercial and industrial loans is strengthening and whether households are continuing to borrow despite elevated financing costs.

Credit quality will be another central issue. Bank executives’ commentary on credit-card balances, delinquencies, auto lending and commercial real estate could help investors determine whether financial stress is concentrated among specific borrowers or becoming more widespread. Loan-loss provisions will be examined for signs that banks are preparing for weaker conditions, even when current charge-offs remain manageable.

Capital-markets businesses could offer a more constructive counterweight. Trading desks have benefited from volatile markets, while enthusiasm surrounding artificial intelligence and technology investment has supported equity issuance and advisory activity. Investors will be watching whether merger discussions and initial public offerings are translating into completed transactions, as well as whether corporate clients are becoming more willing to commit capital.

Citigroup will receive particular scrutiny as management works toward profitability targets while simplifying the company. Wells Fargo’s results will be evaluated in the context of recent regulatory relief and its ability to expand business after years of operating constraints. JPMorgan’s commentary traditionally carries weight beyond its own shares because of the bank’s reach across consumer finance, commercial lending, markets and payments.

The earnings calendar broadens after the banks. United Airlines is scheduled to report Wednesday after the close, offering insight into travel demand and fuel costs. Taiwan Semiconductor Manufacturing Co., UnitedHealth Group, GE Aerospace and Netflix are expected to update investors Thursday. Their results will test demand across artificial intelligence infrastructure, health insurance, aerospace manufacturing, digital entertainment and consumer services.

Other economic releases will help fill out the picture. The Fed’s Beige Book is due Wednesday afternoon, industrial production figures are scheduled for Friday morning and the University of Michigan will release an updated consumer-sentiment reading later Friday. Import and export price data will also arrive Friday, providing another measure of how global costs are reaching U.S. businesses and households.

Markets begin the week with momentum but not uniform strength. The S&P 500 gained 1.2% last week and the Nasdaq Composite rose 1.7%, while the Dow Jones Industrial Average declined 0.5%. The divergence reflected continued enthusiasm for technology and artificial-intelligence investments alongside questions about inflation, geopolitical risk and the durability of broader economic growth.

The central question this week is whether those forces can remain compatible. Investors have rewarded companies tied to capital spending and AI while also confronting higher consumer prices and the prospect of restrictive interest rates lasting longer. Tuesday’s inflation report, Warsh’s testimony and the banks’ financial statements will offer the clearest evidence yet of whether the U.S. economy can sustain growth without generating another lasting inflation problem.