The takeaway is that S&P 500 (NYSEARCA: SPY) earnings are deteriorating, and the market should move lower. This is good news indeed, but inflation remains hot, the FOMC is on track to hike rates, and the economic pressure is building. The expectation for hot inflation is already creeping into the outlook for rate hikes which is now pricing in a 15% chance of 50 basis points at the next meeting.