Consumer spending

Good morning. Phil Rosen here, reporting from New York City. 

Economic data out Monday told us Americans are spending less on big-ticket items, with durable goods orders declining 4.5% in January from the prior month. 

It marked a bigger drop than expected, but it does little to change that the American consumer is off to a strong start this year. 

But remember, a strong consumer means high demand, which helps inflation stick around. That's the opposite of what the Federal Reserve wants.