This record was renewed by Friday's North American trading sessions.

The inflation gauge rose for the second day in a row, while also rising above the Fed's target rates ahead of this week’s key monetary policies decision.

It is worth noting, however, that inflation fears could push the Fed towards an increase of 0.50%. CME's FedWatch Tool supports the market's hawkish outlook by mentioning 95.0% probability backing the decision.

The market's short-term movements may be impeded by Fed-linked caution, but recent positive headlines about Ukraine could help traders consolidate their losses.