Markets initially cheered the lower-than-expected CPI report on Tuesday before fading most of the gains throughout the day, and then continued whipsawing before closing slightly lower today on the FOMC release and press conference. The Fed increased rates by 0.50% as expected, but the terminal rate guidance was higher than expected, with cuts not anticipated until 2024. More economic news is en route tomorrow morning, so keep an eye on the reaction in the indexes at 8:30am.