Recession

Good morning, readers. I'm Phil Rosen, reporting from New York City. 

The Bureau of Labor Statistics publishes January's CPI data at 8:30 a.m. ET today. 

Economists expect inflation to have cooled to 6.2% year-over-year, down from 6.5% the prior month. 

Inflation continues to come off June's high of 9.1%, but it remains well above the Fed's 2% target. Policymakers have reiterated hawkishness on several occasions, yet markets are still acting like easing rates are a sure thing.