The hotter-than-expected US CPI report yesterday was already enough to give markets a bit of a headache. And despite the initial surge higher in Treasury yields fading, there's still evidence of jitters with equities staying under pressure today. So if investors are hoping for some breathing room to get by, I'm afraid there might be more bad news to deal with as we're not quite done with the inflation and economic data risks just yet.Looking to the session ahead, there are three key US economic data releases to watch out for:September PPI: This will be another inflation test, this time looking at price pressures faced by producersSeptember retail sales: This will be a key gauge of consumer spending and whether higher prices are actually slowing demandWeekly initial jobless claims: This will be a timely check on whether the US labour market is starting to show more signs of weaknessGiven the backdrop this week, I'd argue that the PPI and retail sales will carry the bigger risks for markets.A hot PPI reading later will only add to inflation concerns after the stronger consumer price numbers seen yesterday. It could offer an indication that price pressures are proving to be more stubborn than the Fed would like. And if retail sales also surprises to the upside, that could stir up a potentially uncomfortable combination for the Fed to deal with.I mean, if businesses are facing higher costs while consumers are continuing to spend freely, where exactly is the slowdown that's supposed to help bring inflation under control? On paper, that is the sort of scenario that could put renewed upward pressure on Treasury yields and the dollar, while leaving equities struggling for support - more so than they already are.Having said that, I still reckon it's a tall order to shift Fed rate hike expectations for October at this stage. After the initial spike in market odds to the inflation numbers yesterday, Fed funds futures are now only pricing in a roughly 29% probability of a rate hike this month. That is not all too much changed from around 22% odds before the September CPI report.As such, the market reaction to a stronger-than-expected set of numbers from both the PPI and retail sales data could arguably be something similar. It might be enough to produce a jolt upon the initial reaction, but will it be enough to really convince of a move in October? I wouldn't be one to put my money on that.December, however, is looking almost like a done deal at this stage. So, I would argue that the data trend this week could at best solidify expectations of another move by year-end; just not for October.The other item on the agenda today is the weekly jobless claims data. A notable rise here could complicate the picture by suggesting that the labour market is weakening even as inflation stays elevated.So, that is pretty much the danger that markets have to navigate through today. It is not just another hot inflation number to worry about but perhaps a combination of data that could leave the Fed with even fewer options in tinkering with monetary policy. This article was written by Justin Low at investinglive.com.