S&P 500

Central-bank path: Actual 2.50% matched the 2.50% forecast, so the move came more from positioning, revisions or the details. Policy guidance directly changes expected rate spreads and the discount rate investors use for this asset. For equities, that changes growth expectations and the discount-rate path.

Inflation repricing: Actual 2.3% matched the 2.3% forecast, so the move came more from positioning, revisions or the details. Inflation data changes how restrictive central banks may need to stay, so rates and currencies can move quickly. For equities, that changes growth expectations and the discount-rate path.

Inflation repricing: Actual -0.3% missed the -0.2% forecast, pushing the market toward a softer macro read. Inflation data changes how restrictive central banks may need to stay, so rates and currencies can move quickly. For equities, that changes growth expectations and the discount-rate path.

Producer-price pressure: Actual 4.1% matched the 4.1% forecast, so the move came more from positioning, revisions or the details. Because PPI feeds company margins and future inflation expectations, it can move yields before CPI confirms the trend. For equities, that changes growth expectations and the discount-rate path.

Growth momentum: Actual 59.7 improved from 51.3, changing the near-term macro read. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For equities, that changes growth expectations and the discount-rate path.

Growth momentum: The previous 58.2 reading was the benchmark, so the move came from how the new release changed that trend. Survey data gives an early read on activity, orders, prices and hiring before hard macro data arrives. For equities, that changes growth expectations and the discount-rate path.