After the 50-basis point rate hike by an increasingly hawkish Federal Reserve, markets have gyrated wildly ahead of this week's data, which will be closely parsed for signs that inflation is peaking. Recent comments from Fed officials have backed a series of half-percentage-point rate increases, although traders see a 73% chance that the central bank will hike by 75 basis points at the June meeting. "If, however, inflation hasn't pulled lower as expected - and worse, if we see a higher figure than last month print, we would see another big wave of selloff across all assets."