Tomorrow's data will define this week and the weeks ahead.
US inflation data and FED rate decision will be announced. The annual inflation expectation is 3.4% and the monthly inflation expectation is 0.1%. If these expectations are realized, inflation will not have increased because the previous inflation rates are the same.
If inflation data comes in above expectations, it will have a negative impact on the markets.
In fact, if inflation data comes in above expectations, the FED will take a sharp stance. The press release will be in that direction.
So the tight monetary policy will continue. Although I don't think they will ever reach the 2% inflation target.
I don't think the FED will cut interest rates for a while. If they cut interest rates, inflation will continue to increase and I don't think they will make this mistake as the elections are approaching.