Why is everyone waiting for US inflation with fear today?

With markets closed in the main global financial centers for the Easter holidays, investors are still anxiously waiting today.
The Federal Reserve's preferred measure of inflation, the Personal Consumption Expenditures report, will be released in early afternoon Eastern time.
Even if the stock markets are not operating, the results of this reading can change sentiment and influence the markets in the coming week.
Benchmarks in Japan, South Korea and mainland China showed modest gains in the closing session, after US stocks ended the first quarter on a strong note.
For the month, the S&P 500 index rose 3.1%.
The Nasdaq gained 1.8% in March, while the Dow rose 2.1%.
It was the fifth consecutive winning month for all three major averages.
Leading the euphoria this quarter and month was last year's market leader Nvidia, as the AI ​​craze shows no signs of slowing down.
However, the enthusiasm may not last and strong data on the US economy could postpone the Fed's plan for rate cuts.
This is also why today's US inflation result causes a certain fear among investors.
read also Buffett's market indicator sounds the alarm.
What's about to happen? Waiting for US inflation, euphoria or fear? Swap traders slightly reduced bets on Thursday (March 28) that the Fed would cut rates as early as June, following comments from Governor Christopher Waller that there was no rush to lower interest rates.
Two-year Treasury yields rose five basis points to 4.62% in a thin session ahead of the holidays, as the dollar extended its quarterly rise.
The two main indicators of US government activity – gross domestic product and consumer spending – made strong progress late last year.
Consumer confidence rose sharply in late March, supported in part by strong stock market gains.
read also Euro dollar, why does the decline continue? In addition to the release of the PCE price index, the Fed's preferred inflation indicator, traders will also be closely monitoring Chairman Jerome Powell's speech on Friday.
Any indication of stubborn inflation or the governor's cautious tone could impact market sentiment.
The Fed rate cut is expected globally, but it could still disappoint investors' bets and make global stock markets nervous.