With inflation at 40-year highs and continued supply chain disruptions weighing on the U.S. economy, Calvin Schnure and Chuck Lieberman analyze what persistent elevated inflation means for financial markets. January data for Personal Income & Outlays showed no month-over-month change for personal income, but a 2.1% change in personal spending. The panelists discuss how this and other economic data reveal the current economic picture impacting consumers and investors, and what it means for the Federal Reserve.