Inflation

Hello! I'm Phil Rosen, reporting from New York City. 

Expect to see the market move today in response to the Fed's preferred inflation gauge, Personal Consumption Expenditures, which will be released at 8:30am. 

Economists surveyed by Bloomberg expect to see a rise of 0.5% in January from the prior month, which would be the biggest leap since the middle of last year.

Happy Friday eve, team. Phil Rosen here. Did you catch yesterday's Fed minutes release? 

It looks like central bank officials unanimously agreed that the last rate hike of 25 basis points was the appropriate size, and that slowing down the pace would "better allow them to assess the economy's progress."

But several participants would have also backed a half-point hike, the minutes showed. 

That tells us we should be taking the Fed at its word: The inflation battle isn't over.