(Bloomberg) — Treasuries rose with the U.S. dollar as investors debated the impact of resurgent inflation on monetary policy. U.S. index futures dropped as several major websites went offline.

The 10-year yield fell back to 1.54% area with focus turning toward Thursday’s consumer-price data that may offer clues on how far the Federal Reserve can postpone a tapering of stimulus. Futures on S&P 500 fell and Nasdaq 100 contracts erased an increase. Oil extended losses amid concern the recent rally may have gone too far. Etsy Inc. fell in premarket trading on plans to sell convertible senior notes.

The recovery in the world’s largest economy and the Fed’s continued dovish stance are supporting a risk-on environment, even as gains are punctuated by worries over inflation, high valuations and disparities in global vaccine rollouts. Forecasts for deepening price pressures have underpinned volatility this week as traders await clues to when the U.S. central bank will begin discussions on a tighter policy.

“We advocate looking through near term market volatility and remain pro-risk, predicated on our belief that the Fed faces a very high bar to change its easy monetary policy stance,” BlackRock Investment Institute strategists led by Elga Bartsch wrote in a note.

Multiple websites including New York Times and Amazon Web Services were experiencing outages, according to Downdetector. As traders awaited more details to gauge how far it would hit technology companies, equity futures turned red after swinging between gains and losses earlier.

Global equities hover around record highs, and Treasury yields have eased for three successive weeks. That suggests the Fed’s assurances are calming fears of a so-called taper tantrum for now. Yet on Tuesday, traders were exercising caution before the inflation data, helping the dollar post its first gain in three days.

Oil extended a decline, losing some momentum after hitting $70 a barrel in New York for the first time in over two years. Digital tokens including Bitcoin retreated, with the Bloomberg Galaxy Crypto Index shedding as much as 10%.

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Etsy dropped 2% in early New York trading after saying it will privately place $1 billion of convertible senior notes due 2028. Tesla climbed 2.6% after posting a 29% month-on-month growth in deliveries of China-made cars in May.

In Europe, the benchmark Stoxx 600 gauge erased gains, tracking U.S. futures. A gauge of global equities halted a two-day rally.

For market commentary, follow the MLIV blog.

Here are key events to watch this week:

Apple holds its annual Worldwide Developers Conference through June 11.European Central Bank decision on Thursday and press conference with President Christine Lagarde.Iran nuclear deal talks reconvene in Vienna Thursday.U.S. consumer price index on Thursday.Group of Seven leaders’ summit starts in Cornwall, England Friday.

These are some of the main moves in markets:

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