The focus this week is intensely on the Consumer Price Index (CPI) for February.

Wall Street analysts anticipate that the core CPI index increased by 0.3%, which would bring the annual rate down to 3.7% from January's 3.9%.

They expect the overall index to have risen by 0.4% in February, driven by higher energy costs, keeping the annual rate at 3.1%.

With the February CPI inflation data less than a day away, it stands as the pivotal figure as the Federal Reserve prepares for their next meeting.

Prediction markets are forecasting a year-over-year CPI inflation rate of 3.2%.

There's a high likelihood, according to these predictions, that the overall inflation rate remains above 3.0%.

Additionally, core CPI inflation is expected to be at 3.7%, with a significant chance it will be above 3.6%.

This figure is nearly twice the Fed's long-term inflation target, raising questions about a possible return to a sustained period of higher inflation.