Broadly speaking, markets are still digesting last week’s activity, namely the Federal Reserve’s slight hawkish turn at their policy meeting and the impact of quadruple witching.A very minor shift in the Fed’s rate hike expectations has roiled risk assets and strengthened the U.S. Dollar. Via their dot plot, committee members now anticipate 2 rate hikes through the end of 2023. Market participants will dive into the policy statement and economic projections for any clues as to when the committee will begin thinking about tapering those purchases.Price action roared higher over the last 30 minutes, sending both the S&P and Nasdaq to record levels. The otherwise unenthusiastic session highlights both summer trading and an undertone of caution at elevated levels ahead of Wednesday’s Fed policy decision.Fridays have typically been strong when such green lights have emerged and although stocks finished higher, it was broadly a lackluster session. What changed?Today’s CPI data is due at 7:30 a.m. CT and has haunted markets all week. With this in sight, the S&P, Nasdaq, and Dow have each struggled to carry bullish tailwinds from last Friday’s Goldilocks jobs report. Lower rates in the Tech sector come ahead of tomorrow’s pivotal inflation data, but it also highlights our ongoing discussion; we might be seeing peak inflation right here, right now.This week builds up into Thursday’s monumental inflation data, ECB meeting, and Initial Jobless Claims. Portfolio managers and traders want to be long risk assets such as stocks and commodities, but fear inflation that has begun to run hot.Turnaround Mondays have often become expected after strong Fridays. There was certainly a green light on Friday, but has the Nonfarm Payroll enthusiasm already dissipated?It’s Jobs Friday and today’s Nonfarm Payroll report for May will prove pivotal. It comes on the heels of April’s disappointment, and those Federal Reserve officials who are more hawkish have again begun talking about tapering bond purchases.