CPI Report on Thursday: Obviously, one of the big issues for the market is inflation, and how the Federal Reserve will try to contain it. The CPI and Core are both expected to be up .5% above December and up a whopping 7.3% year over year, and Core (excludes food and energy) up 5.9%. This is a very high risk/reward report on a short-term basis. If the report is materially higher or lower than expected, the market is likely to react very negatively or positively.