US PCE report will set the tone for a big week

Personal spending and inflation data in focus

The health of the consumer and inflation are key Fed metrics and the latest look is out at the bottom of the hour with the PCE report.

December personal spending is expected up 0.1% after a 0.3% rise in November. The market has likely priced in something lower than the 'consensus' because the December retail sales report was soft.

The other line to watch is core PCE inflation y/y. It's expected up 1.4%, increasing from the 1.3% reading in November.

For more, check out the economic calendar.