Federal Reserve Chairman Jerome Powell will speak Wednesday about interest rate hikes, and here are the key words and phrases investors need to listen out for when he takes the podium:

"Data dependency is one," said Michael Kushma, chief investment officer for global fixed-income at Morgan Stanley. "As data unfolds, they will respond to that data," he added. Previously, the Fed seemed hell-bent on raising rates a certain number of times, in order to cool what was a roaring economy earlier this year. Now, as it seems the U.S. is at the peak of the economic cycle, the Fed can't lift raise too many times as demand falls. ?It has to be measured. 

"Neutral" is another word. "They are getting close to what people consider neutral," Kushma said. If the Fed is close to neutral, that means it's close to a balanced rate, which will set the economy on the right footing, and there won't be too many more hikes. 

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