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tracy, we appreciate time on the sunday. in the meantime, let s head to the economy and the key inflation indicator is expected this week. thursday, it is the latest data on consumer prices. that number could show an 8% hike year over year. on wednesday, the federal reserve meets. wall street will be watching for any hint on future rate hike plans. let s go to nbc s scott cohn. he s joining us from santa cruz, california. with high gas prices in california there, my friend. quickly rising, in fact, after opec announced its biggest output cut since 2020. how is that impacting inflation, and what have we seen from the labor market? we ve got a lot on your plate, take it away. the last thing we need is higher oil prices and higher gas prices. it just hit three 91 a gallon nationally, that s the average, up ten cents for a week ago. we d love that in california,
the stock markets. wall street has been ignoring day-to-day turmoil in washington. now corporate profits are keeping them running. stock market reflects how much money companies are making and companies are rolling in the dough. expectations for this quarter are high. last season, profits grew at the fastest pace in years and analysts predict another solid quarter with s&p 500 corporate profit rising at least 6%. investors are also keeping an eye on fed chair janet yellen. she heads to the hill for her testimony. not only could she offer clues of the future rate hike plans for the feds but her own future. this is her last address before her term ends in february and