 The CPI numbers will be posted on Tuesday, February 14, 2023. The month-over-month January CPI number is estimated to be 0.5%. The year-over-year CPI number for January is estimated to be 6.2%. The Federal Reserve Banks have been raising interest rates to fight inflation. The Fed's inflation target is 2% year-over-year. The 6.2% year-over-year number for January, if true, is far from the Fed target. That means the Fed will have to continue to increase interest rates to curb inflation. To make matters worse, the Bureau of Labor Statistics has revised the month-to-month CPI number for December from negative 0.1% to positive 0.1%, and the November month-to-month CPI number has been revised from 0.1% to 0.2%. If the 0.5% month-to-month January CPI number were true, it will have a very bearish effect on the stock market.