JPMorgan

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." 

Good morning. I'm Phil Rosen. It's good to see you on a Saturday. 

As you could guess about a journalist, I'm always looking to speak with fascinating people with unique insights. Those conversations become all the more rewarding when I can share them here in this newsletter. 

So — who should I speak to next? Tweet me @philrosenn or email me at prosen@insider.com with suggestions. 

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.