As the world commemorates the one year anniversary of Russia’s invasion of Ukraine, the inflationary consequences still linger. Thanks to the growth of base effects and mild weather, prices of crude oil and gas are decreasing annually and month-over-month. But, it is the underlying core prices that have been rising quickly and consistently. Thursday, the Commerce Department reported that core personal consumption expenditures, a measure the Federal Reserve closely monitors, increased at a faster-than-expected 4.3% compared to the original estimate of 3.9%. This has sparked the fear that an even harsher rate policy may be needed to contain the rising inflationary pressures.

Despite U.S. jobs numbers on Thursday pointing to a tight job market, markets are now bracing for as many as three quarter-point interest rate hikes to as much as 5.25-5.50% with

Investors are on edge as the U.S. Federal Reserve prepares to release its Core Personal Consumption Expenditure Price Index data, a closely watched metric of inflation, this Friday. Markets have been seesawing over the possibility of the Fed raising interest rates after their last meeting minutes described an appetite to move more aggressively than previously anticipated. Recent data has shown the U.S. economy is continuing to grow, but at a lower rate than expected, putting pressure on stocks, particularly growth stocks.

The Core PCE Price Index reading is expected to rise 0.4%, a tick higher than the prior December reading and 4.3% for the year through January. Along with the Core PCE, University of Michigan's Consumer Sentiment data is due out tomorrow, and is expected to remain unchanged at 66.4. Additionally, struggling theater chain Cinemark Holdings Inc (NYSE: CNK ) is expected to report