A steady march higher in markets was snapped by a stretch of jarring volatility as traders gave hints there’s a limit to their appetite for hot economic data.

This year’s hottest options trade has found its way into the $7.4 trillion ETF arena for the first time, in the latest push by the financial industry to tap booming demand for stock investments with an income stream.

For investors trying to gauge levels of hawkishness at the Federal Reserve, Wednesday was an example of words carrying more weight than actions.