Not in the clear yet: Investors are starting to expect rate hikes that could hurt stocks

Jerome Powell

Chen Mengtong/China News Service/VCG via Getty Images

• The narrative around the Fed's next move has quickly flipped.
• Markets are now pricing a higher probability of a rate hike than a cut.
• Despite a sharp relief rally on Monday, plenty of inflationary risk lingers amid a historic disruption of oil.

I know this is well-traveled territory at this point, but man, President Trump's Truth Social account is ridiculously powerful.

In one post,...