With the announcement of January's CPI numbers — 0.5% increase in January after a 0.1% increase in December, higher than predicted. That made a 12-month 6.4% inflation rate, which was still down from 6.5% in December, although over expectations. A lot of people are trying to understand where things are. A lot of things are moving at the same time.

There are the hawkish. "So much for immaculate disinflation," wrote Steven Blitz, managing director of global macro and chief US economist at TS Lombard. "January CPI data make clear that inflation is not dropping to 2% without a recession raising unemployment above 4.5% and this underscores my long-held view that the Fed erred by downshifting hikes."

And the more dovish. "Inflation is easing but the path to lower inflation will not likely be smooth," Jeffrey Roach, chief economist for LPL Financial, wrote in a note. "The Fed will not make decisions based on just one report but clearly the risks are rising that inflation will not cool fast enough for the Fed's liking. … But according to the University of Michigan's benchmark survey, long-term inflation expectations are well-anchored at 2.9%, unchanged for the third consecutive month and this supports the view that the Fed will hike by 0.25% at the next meeting and not revert to larger rate hikes."