The recent personal income and outlays numbers for January from the Bureau of Economic Analysis (BEA) will be more fodder for the Federal Reserve's Federal Open Market Committee to continue staying the course with higher interest rates for a longer period of time.

Personal income increased $131.1 billion, or 0.6%, in January. Expectations were for a 0.4% increase. This is another indicator of wages, which apparently are going up. Disposable personal income (DPI) — what is left after taxes — was up by $387.4 billion, or 2.0%. Personal consumption expenses (PCE) had a $312.5 billion lift, or 1.8%.

"The PCE price index increased 0.6 percent in January. Excluding food and energy, the PCE price index also increased 0.6 percent," the BEA wrote. "Real DPI increased 1.4 percent and Real PCE increased 1.1 percent; goods increased 2.2 percent and services increased 0.6 percent."