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Break out or freak out—stocks try to push higher

2016 rate hike(s) coming? Economist sounds off on Fed

With May's soft jobs report, the Fed is boxed in, waiting for fresh data. But stocks are struggling to break out anyway, even without a clear read on interest rates.

Markets have given lower odds to Fed rate hikes this summer, so a Monday speech by Fed Chair Janet Yellen was important in terms of setting expectations.

"If we get a decline in June jobs, and the U.K. opts to stay in the EU, then we have a shot at a July hike. She's clearly leaving all options open," said Diane Swonk, CEO of DS Economics. "Cautious optimism was the dominant theme of her talk, and saying not to make too much about the May employment report."