The market heaved a sigh of relief after Fed president Raphael Bostic said the committee could probably stick with quarter-point interest rate hikes. The news is contrary to a renewed belief the Fed could increase the pace to 50 bps per meeting, but investors should not be sanguine. The news does not suggest that inflation has been tamed or the Fed was anywhere near through with raising rates.

Regardless of the Fed's next move, the outlook for S&P 500 earnings continues to decline, and that is a weight the market can't bear forever. Sooner or later, the market will give up all hope for earnings growth in 2023 and the market decline will start in earnest. At best, the S&P 500 is range bound but headed toward the bottom of that range. The following week could be trying for the market with little to sustain the rebound regarding economic data or earnings reports.