The Federal Reserve’s preferred inflation gauge cooled in January, if economists’ forecasts are right. The Bureau of Economic Analysis is scheduled to release the latest reading for the personal consumption expenditures,

Federal Reserve Bank of Philadelphia President Patrick Harker said officials should allow their policy stance to continue to lower inflation, signaling support for holding interest rates steady for now.

John Williams, the president of the Federal Reserve Bank of New York, also spoke about the gold vault underneath the building and Federal Reserve Chairman Jerome Powell's taste in music, including the Grateful Dead.

Barkin said he understands that the fight against inflation has been long, but that “it is critical that we remain steadfast.”

Richmond Fed president Tom Barkin said Tuesday that he wants to keep interest rates 'modestly restrictive' until he gains more confidence inflation is returning to the central bank’s 2% goal, warning about lessons learned from the 1970s.

"Uncertainty argues for caution as we look to wrap up the inflation fight," Richmond Fed President Tom Barkin said during a speech to the Rotary Club of Richmond on Tuesday. "If headwinds persist, we may well need to use policy to lean against that wind.