Ben Bernanke sparked his third massive rally in about a month, but the midweek revelry soured Thursday and Friday amid uncertainty about the economy, corporate profits and geopolitics. While investors now believe the Fed is likely to take a breather in August, the future of the economy is not so clear. The incoming data has been a mixture depicting a strong labor market, exports and business spending, but a weaker housing market, lower retail sales, high energy prices and higher inflation. The Wall Street Journal's front page editors took nine weeks to go from putting the rise of the "Goldilocks" economy on page one, to last weekend's front page exploration of a possible recession in the U.S. The market has gone the distance too, as a bond rally, inverted yield curve, failure to rally on bullish earnings and excessive bearish sentiment suggest investors don't believe the Fed's forecast for a soft landing. The fed funds futures market this week reveals investors' relentless uncertainty. At the end of last week, the odds of an 18th fed funds rate hike in August were dipping due to the political uncertainty around the world. But those odds rose to 74% by the end of Tuesday as investors prepared for Wednesday's CPI report and Bernanke's congressional testimony. When the core CPI, excluding energy and food prices, rose 0.3% for the fourth consecutive month, the likelihood of an Aug. 8 hike jumped to 90%, only to decline an hour later when the Fed released Bernanke's testimony. By the end of Wednesday, the odds fell to 65% and dropped to 54% Thursday after the June 29 FOMC minutes showed some committee members weren't convinced that meeting's rate hike was needed. Odds of an August hike now stand at 34%, according to Miller Tabak.