Another action-packed day follows Tuesday's excitement as Fed Chairman Ben Bernanke delivers the second of his two-day annual testimony, this time to the House of Representatives. In terms of data, markets will receive Canadian manufacturing shipments along with U.S. CPI and industrial production figures followed by the all important weekly oil inventories for the week ending July 11.

The day kicks off however at 7 a.m. EDT when the U.S. Mortgage Bankers Association will release mortgage applications for the week ending July 11. In the previous week, applications rose by 7.5% week-over-week.

At 8:30 a.m. EDT, Statistics Canada will release manufacturing shipments for May, which are expected to rise 0.5% month-over-month after picking up 2.0% in April.

Also at 8:30 a.m. EDT, the U.S. Bureau of Labor Statistics will release its consumer price index (CPI) for June. According to the consensus, the headline index is expected to rise to 217.903 from May's 216.632. Economists are expecting a 0.7% month-over-month gain in headline CPI, compared to the previous month's 0.6% increase. Core CPI is expected to rise 0.2% month-over-month, matching May's 0.2% growth rate. Annual CPI is expected to rise 4.5%, after picking up 4.2% in May. Core CPI is expected to rise 2.3% year-over-year, matching the previous month's annual gain.

At 8:30 a.m. EDT, the U.S. Bureau of Labor Statistics will release its real earnings report for June. In May, earnings declined by 0.4%.

At 9 a.m. EDT, the U.S. Treasury will release total and net long-term TIC flows for May. The consensus is looking for net long-term TIC flows to total $70.0 billion compared to the previous month's $115.1 billion. Total TIC flows came in at $60.6 billion in April.

At 9:15 a.m. EDT, the U.S. Federal Reserve will release industrial production and capacity utilization for June. The consensus expects industrial production to rise by 0.1% month-over-month following a 0.2% decline in April, while capacity utilization is expected to hold steady at 79.4%.

At 10 a.m. EDT, Fed Chairman Ben Bernanke will deliver the second half of a two-day semi-annual testimony to Congress. This time, he will speak before the House Financial Services Committee.

At 10:35 a.m. EDT, the U.S. Department of Energy will release oil inventories for the week ending July 11. Economists are expecting a 2200k draw in crude oil reserves following the previous 5840k decline. Gasoline inventories are expected to come in flat following the previous 909k rise. Distillate inventories are expected to rise 2000k after rising 1816k in the previous week. Refinery utilization is expected to come in flat after contracting 0.07% in the previous week.

At 10:45 a.m. EDT, incoming Monetary Policy Committee Member of the Bank of England, Spencer Dale, will testify before the Treasury Committee on his appointment to the MPC.

At 1 p.m. EDT, the National Association of Home Builders will release its housing market index for July, which is expected to hold steady at +18.

At 2 p.m. EDT, the U.S. Federal Reserve will release the minutes from the FOMC's meeting on June 24 and 25.

Also at 2 p.m. EDT, Kansas City Fed President Thomas Hoenig (non-voter) will speak in Colorado on the U.S. economy and monetary policy at an event sponsored by the central bank.

7:00 US MBA Mortgage Applications 11-July Prior: +7.5%

8:30 CA Manufacturing Shipments (M/M) May Exp: +0.5% Prior: +2.0%

8:30 US Consumer Price Index (M/M) June Exp: +0.7% Prior: +0.6%

8:30 US Real Earnings June (M/M) June Prior: -0.4%

8:30 US CPI Ex Food & Energy (M/M) June Exp: +0.2% Prior: +0.2%

8:30 US Consumer Price Index (Y/Y) June Exp: +4.5% Prior: +4.2%

8:30 US CPI Ex Food & Energy (Y/Y) June Exp: +2.3% Prior: +2.3%

8:30 US CPI Core Index (SA) June Prior: 214.832

8:30 US Consumer Price Index (NSA) June Exp: 217.903 Prior: 216.632

9:00 US Net Long-term TIC Flows May Exp: $70.0B Prior: $115.1B

9:00 US Total Net TIC Flows May Prior: $60.6B

9:15 US Industrial Production June Exp: +0.1% Prior: -0.2%

9:15 US Capacity Utilization June Exp: +79.4% Prior:+ 79.4%

10:00 US Bernanke Gives Semiannual Monetary Policy Testimony at House

10:35 US DOE U.S. Crude Oil Inventories W/E July 11 Exp: -2200K Prior: -5840K

10:35 US DOE U.S. Gasoline Inventories W/E July 11 Exp: 0K Prior: +909K

10:35 US DOE U.S. Distillate Inventory W/E July 11 Exp: +2000K Prior: +1816K

10:35 US DOE U.S. Refinery Utilization W/E July 11 Exp: 0.00% Prior: -0.07%

10:45 GB Bank of England's Dale Testifies at Treasury Committee

13:00 US NAHB Housing Market Index July Exp: +18 Prior: +18

14:00 US Fed Releases Minutes, Forecasts from June 24-25 Meeting

14:00 US Fed's Hoenig Speaks in Colorado on U.S. Economy

By Erik Kevin Franco and edited by Cristina Markham