The market is 'holding its breath' on the eve of CPI—U.S. stocks closed slightly lower, gold regained $4,150, and the Dollar Index retreated to 102.18. The biggest new variable is Williams' dovish statement that 'there may be one more rate hike this year, but none needed in 2027,' marking an 'endpoint' for the rate hike cycle. Tonight's CPI will determine whether rate hike expectations narrow or spread further.