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This is what to watch before Friday’s jobs report

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Expect 240,000 US jobs in February: Pro

Wednesday's economic reports will be mined for clues on whether the U.S. economy is strong enough for the Fed to become less "patient" this month.

Since Fed Chair Janet Yellen testified to Congress last week, explaining that the removal of the word "patient" from the central bank's statement would be a signal of Fed rate hikes, traders have been looking to game every piece of new economic data.

While it's not clear how long the Fed would wait to raise rates after removing that word, many traders are now focused on the March 18 meeting for the potential language change and June for the first rate hike.