Yelena Shulyatyeva and Ian Wyatt break down the latest inflation data. Ian thinks investors should focus on the PCE over the CPI report and explains how their different weightings give them different perspectives. Yelena thinks that the continued imposition of tariffs will keep inflation up. She explains why she’s looking at the February employment report more than the January one, citing seasonality and a low response rate among other factors. Yelena and Ian discuss how many rate cuts, if any, we’ll see this year from the Fed.