Whats going in the market?

FOMC showed incoming data was broadly as anticipated. Housing to remain a substantial drag but was not spilling into consumer spending; labor market remained tight.

It looks like the FOMC is still a bit more concerned about inflation being too high rather than growth too low. US CPI today should be the main focus to look for.

For stocks, soft landing theme still carries the market higher. All indices trading near channel resistance, today’s data could trigger sell-offs.