 The CPI, PPI, and PCE inflation indices have been very high for January. If the month-over-month inflation rate is 0.5%, the year-over-year rate will be 6%, which is much higher than the 2% year-to-year PCE inflation target set by the Federal Reserve Banks. With inflation still so high, I expect the Fed to continue increasing interest rates in March, May, and June. That means the stock market might go down and retest the bottom established on October 13, 2022. If that happens, S&P 500 will be 12% below today's level.