Equities went on a bit of a wild ride on Tuesday first falling and then moving higher later in the day. The NASDAQ Composite led the day with a gain greater than 10% as tech bounces back. The caveat is that interest rates are still going to rise so the threat posed to the tech sector remains. In other news, FOMC Cheif Jerome Powell indicated to congress his commitment to raising interest rates in order to combat inflation.

The CPI data comes out today and will be the driving force of the market. The market already expects to see consumer inflation accelerate on a YOY basis, the only question is by how much. If the data comes in much hotter than expected it will accelerate the market?s timeline for rate hikes if not the FOMC?s.