Don't panic! Before tonight's CPI release, there's still one last variable for whether rates will be hiked in September. Plus, a single 25BP hike isn't that scary—markets have been pricing this in for so long that when it actually happens, it might not even be a major bearish event. The AI trend won't end just because of one 25BP hike. The bigger concern right now is oil prices—Brent is already nearing $110. If this is just a short-term shock from the war, oil prices could drop later, inflation could cool down, and the Fed wouldn't have a reason to keep hiking. But if oil prices stay above $100 for several months and inflation gets reignited, then the situation changes completely. We'd be back in a continuous rate hike cycle, and that would be a real disaster.