Assessing market reaction to recent Fed rhetoric

The market appears to be in a holding pattern following the latest commentary from Powell and other FOMC members. While the data dependence narrative is firm, the slight hawkish tilt in some statements, particularly around the terminal rate, seems to be causing some repricing. I'm observing a reluctance to push $SPX much higher than current levels without clearer signs of disinflationary pressure. Conversely, the downside seems limited given the relatively healthy labor market. Are others seeing similar hesitation, or do you anticipate a clearer direction in the next few sessions? The upcoming CPI report could be the catalyst, but current price action suggests a battle between growth optimism and inflation concerns.