The Federal Reserve is like a rare bird in the wild with armies of aviary watchers staking out a spot and wondering where it will move next. The next big siting is expected to be this Wednesday when Chair Jerome Powell addresses the Brookings Institution.

"The Federal Reserve is raising interest rates as it strives to deliver on its dual mandate of price stability and maximum sustainable employment," Brookings writes. "So far, the U.S. labor market has been impressively resilient; unemployment is at 3.7%, the lowest it has been in decades. But in several ways the impact of the pandemic on the labor market persists. Labor force participation is not yet fully back to pre-pandemic levels. While some employers are laying off workers, many others say they are finding it hard to hire. And work-from-home appears to be here to stay for many workers."

Powell will speak at 1:30 pm about "the outlook for the economy and the changing labor market." But all eyes will be attentive to binoculars, attentive for any hint on how that outlook might translate into possible changes in the Fed's direction or schedule for rate changes.