On Wednesday the Labor Department is expected to report that in January the consumer price index rose 2.9% from a year ago, according to economists surveyed by FactSet. If accurate, it would be unchanged from December and up from a 3 1/2 year low of 2.4% in September.

U.S. consumer prices increased by the most in nearly 1-1/2 years in January, with Americans facing higher costs for a range of goods and services, reinforcing the Federal Reserve's message that it was in no rush to resume cutting interest rates amid growing uncertainty over the economy.

Another month, another expected miss for inflation as it relates to the Fed’s goal, with concerns aplenty about what happens from here.