Market Insider

Stage set for another volatile trading day

Fed faces inflation fears

Fed speak may trump a bundle of big earnings reports and important housing and industrial production data Wednesday, all of which guarantees another volatile trading day.

Traders are also focused on Ukraine, as Kiev attempts to move against pro-Russian militants, and headlines from there ruffled markets Tuesday. U.S. industrial output and retail sales, set for release early Wednesday, could also have a lingering impact on markets. Earlier Wednesday, China reported better-than-expected first quarter gross domestic product numbers, with economists forecasting a growth pickup over the coming months.

Read More China GDP puts to rest worst fears over the economy

There are a number of Fed speakers Wednesday, but the most important by far is Fed Chair Janet Yellen, who speaks to the Economics Club of New York at 12:25 p.m. ET. Yellen will also answer questions from economists.