With the recent higher than expected inflation reports for both CPI and PPI, the market will be watching what the Fed Officials say in terms of the key words "Inflation Expectations".  It is ok in the Feds eyes to have inflation as long as Inflation Expectations from consumers and businesses don't materialize. 

If it is perceived that Inflation Expectations are starting to rise, the Fed may actually be forced to raise rates (according to their words at least) as the Fed would be concerned about the prospects for spiraling inflation which is just no good.  

So the market will be paying close attention to what the Fed officials say (especially Kohn and Bernanke) and should they mention "inflation expectations are rising" the markets will immediately forget about easings and may start thinking about tightening.