The latest inflation figures didn't move the needle on Federal Reserve expectations, yet equity markets took the hit anyway. JPMorgan and other major banks dragged broader indices lower, while the S&P 500 pulled back from its recent record territory. Traders are now caught between two moving targets: parsing what earnings season will reveal and calculating how incoming US policy shifts might reshape the economic playbook. The disconnect between data and market reaction suggests investors are pricing in scenarios that go beyond what headline numbers currently show.