Recession chatter is still making the rounds on Wall Street, but cooler inflation is quelling fears of a dire scenario for the Fed.

A critical inflation report in the coming week could further rattle an increasingly tumultuous U.S. stock market, with investors worried about an economic growth slowdown and President Donald Trump's tariffs.

Against that backdrop, Wednesday’s consumer-price index report comes into sharp focus as investors hope for more clarity on whether recent fears of stagflation — a toxic mix of elevated inflation and a stumbling economy — appear justified.