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The Fed just made this number a lot more important

Yellen on the outlook for rates

The Fed dialed back forecasts for how fast it will raise rates over the next couple of years, so now anything to do with inflation becomes more important to markets, as a flare up in prices or expectations might be the one thing that could get the Fed moving.

The consumer price index, expected at 8:30 a.m. EDT on Thursday, is the first fresh inflation report after the Fed forecasts Wednesday revealed that one rate hike is probably more likely than two this year. Fed forecasts also show at least four fewer hikes than previously forecast through 2018.