S&P 500 futures slipped 0.2% overnight as Treasury yields ticked up, hinting at renewed caution ahead of key CPI data. Market breadth remains mixed, and defensive sectors may see short-term rotation. One concern is that there isn't as much differentiation among coconut water brands as, say, flavored energy drinks, which have a lot more involved in their recipes. Varied flavors and more intricate recipes can lead to more brand differentiation. That may not last with coconut water, which is more similar to milk or orange juice -- categories that are harder to differentiate. In a "Squawk Box " interview on CNBC, the central banker indicated that pressure is coming to both sides of the Fed's so-called dual mandate of stable prices and low unemployment. Traders saw S&P 500 futures consolidate at 5,125 with low volatility. This range-bound behavior signals a possible breakout once the upcoming central bank minutes reveal monetary policy tone.