The S&P 500 wobbled on Thursday but managed to end the day higher despite hawkish commentary from the FOMC. The FOMC Chief Jerome Powell reiterated once again the committee's commitment to fighting inflation and bringing it back down to the 2.0% range. Based on the recent string of inflation data, this means a high probability for another 75 basis point hike making this the most aggressive FOMC on record.

Next week, the market will face its final hurdle before the September FOMC meeting. The CPI report is due out on Wednesday and may show a month-to-month decline in inflation due to lower gas prices but the core YOY figures are expected to remain hot. This data will support another rate hike if not a 75 basis point hike so there is a chance for market volatility. Weak data (better than expected) or strong data (worse than expected) will move the market.