Last week's speech from Chicago Fed President Austin Goolsbee laid out the angst about US housing inflation and that's the spot to watch in today's CPI report.

"Housing inflation is puzzling because if you look at market rents, they down but the official numbers haven't come down," Goolsbee said.

Here are two charts from Deutsche Bank that highlight the conundrum on housing inflation.

CPI US rent feb seasonality
CPI rents and OER

Keep a close eye on these components in today's report.