Powell signaled rates are now in a comfortable zone to pause.

If you’re expecting more cuts, a hot CPI print today would be the worst outcome.
A softer CPI and lower inflation, on the other hand, could lift markets.

• Powell hinted the Fed is comfortable waiting at current rate levels.
A high CPI today would cool hopes for further cuts.
A lower CPI and inflation read could give markets a boost.

• The Fed now seems content to sit tight on rates, per Powell.
A strong CPI print would delay cut expectations.
A softer inflation number could send risk assets higher.

• Powell suggested rates are high enough to pause and observe.
CPI is the key today — hot print hurts cut expectations, soft print fuels a rally.

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