It's less than half an hour to the January consumer-price-index reading, and investors should be aware of the data's tendency to run a little hotter than expected as the new year gets under way. The consumer-price index and its more closely followed core reading,

The CPI jumped 0.5% last month after gaining 0.4% in December, the Labor said on Wednesday. In the 12 months through January, it increased 3.0% after advancing 2.9% in December. Economists polled by Reuters had forecast the CPI gaining 0.3% and rising 2.9% year-on-year.

Bond traders now expect the earliest Fed rate cut in December, as inflation concerns dampen hopes for a first-half ease. Despite inflation worries, recession probability remains low at 20%, with future economic focus shifting to potential tax cuts and deregulation.

The U.S. consumer price index increased more than expected in January, reinforcing the Federal Reserve's message that it was in no rush to resume cutting interest rates amid growing uncertainty over the economy.

January's Consumer Price Index will serve as the latest test of whether inflation pressures have eased further.