Markets Churn Ahead of CPI Data Amid Geopolitical and Fed Uncertainty

Stocks and other risk assets are treading water as investors parse competing forces. Geopolitical tensions and volatile oil prices are adding uncertainty, while the Federal Reserve’s interest rate outlook hinges on incoming inflation data.

The Consumer Price Index report is the next major catalyst, and until it lands, markets appear stuck in a loop — reacting to headlines on geopolitics, oil, and Fed rhetoric without a clear direction.