The FOMC's observations on inflation are a key driver of its interest rate policy. While the easing of inflation suggests less aggressive rate hikes, the fact that it remains elevated could mean continued caution. This mixed message provides no clear direction for the market, hence a neutral score for SPY. However, the relevance and importance are high because interest rate expectations are a major factor in equity pricing, and SPY represents a broad range of stocks affected by these macroeconomic indicators.