The personal income and outlays data — the information with probably more sway for the Federal Reserve than CPI inflation — is out from the Bureau of Economic Advisors. The news is a mixed collection.

The core PCE (personal consumption expenditures) index, excluding food and energy, grew at an expected 0.3% month over month and an annual 2.8%. The overall PCE index was also up at 0.3% versus the median forecast of 0.4%, the latter surveyed and calculated by Dow Jones and the Wall Street Journal. "Prices for goods increased 0.5 percent and prices for services increased 0.3 percent. Food prices increased 0.1 percent and energy prices increased 2.3 percent," the BEA wrote.

Personal income, expected to grow by 0.4%, was up 0.3%, or $66.5 billion. Personal spending came in hot at a month-over-month 0.8% rather than the median forecast of 0.5%, and much higher than January's 0.2% growth.