Earnings reports from UPS (NYSE: UPS), Packaging Corporation of America (NYSE: PKG) and J.B. Hunt Transportation Services (NYSE: JBHT) are evidence of the systemic nature of slowing consumer demand. The Fed is slated to meet and release its April policy statement in 1 week, which will be a pivotal moment for the market. The risk for the market is multifaceted in that PCE data is due out this week, inflation is running hot regardless of recent cooling and oil prices have stabilized at levels not held in over a decade.