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This could bring on the last big hoorah for Fed rate hike talk

Countdown to the Fed decision

The last big blast of data before the Fed meets next week could stir up a final debate Thursday about whether there's a September rate hike in the offing.

The most important data Thursday are August retail sales at 8:30 a.m. EDT and industrial production at 9:15 a.m. There are also weekly jobless claims, the Empire State survey and the Philadelphia Fed survey, all at 8:30 a.m. EDT, and business inventories at 10 a.m. One piece of data Friday, consumer prices, is also key.

"We'll see what the data comes out like tomorrow, to see if anybody tries again to reignite this rate hike talk, but (Fed Governor Lael) Brainard put that to bed," said John Briggs, head of strategy at RBS. Brainard on Monday was dovish in her much-anticipated comments, stressing that the Fed could be patient in raising rates.