Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.6%), and DJIA (-0.7%) remain firmly lower as the market enters the final hour of the session. 

The Wall Street Journal reports that Fed Governor Stephen Miran (voting FOMC member) is scaling back his rate calls for rate cuts as the economy is performing better than expected and inflation is still above target. Notably, the commentary comes after yesterday's release of the January FOMC meeting minutes, which the market interpreted as hawkish due to several members stating that a rate hike could be appropriate if inflation remains above target. 

The market will get its next inflation reading tomorrow with the release of the December Personal Income/Outlays report, which includes the PCE Price Index (Briefing.com consensus 0.3%), the Fed's preferred inflation gauge.