  We report the results from measuring the phase lag and coherence function of
X-ray emission from black hole candidate (BHC) XTE J1550-564. These X-ray
temporal properties have been recognized to be increasingly important in
providing important diagnostics of the dynamics of accretion flows around black
holes. For XTE J1550-564, we found significant hard lag --- the X-ray
variability in high energy bands {\em lags} behind that in low energy bands ---
associated both with broad-band variability and quasi-periodic oscillation
(QPO). However, the situation is more complicated for the QPO: while hard lag
was measured for the first harmonic of the signal, the fundamental component
showed significant {\em soft} lag. Such behavior is remarkably similar to what
was observed of microquasar GRS 1915+105. The phase lag evolved during the
initial rising phase of the 1998 outburst. The magnitude of both the soft and
hard lags of the QPO increases with X-ray flux, while the Fourier spectrum of
the broad-band lag varies significantly in shape. The coherence function is
relatively high and roughly constant at low frequencies, and begins to drop
almost right after the first harmonic of the QPO. It is near unity at the
beginning and decreases rapidly during the rising phase. Also observed is that
the more widely separated the two energy bands are the less the coherence
function between the two. It is interesting that the coherence function
increases significantly at the frequencies of the QPO and its harmonics. We
discuss the implications of the results on the models proposed for BHCs.
