Federal Reserve

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. 

Welcome back, Opening Bell crew. I'm Phil Rosen, reporting from New York City. 

This morning I'm thinking about Joseph Heller's 1961 book "Catch-22." Since it came out, the name's become a colloquial way of describing a snafu defined by conflicting ideas. 

Heller coined the term in describing a soldier who wishes to stop flying dangerous combat missions. 

But soldiers can only be grounded if they are found "unfit to fly."