Consumer prices in January surged more than expected, indicating a worsening outlook for inflation and cementing the likelihood of substantial interest rate hikes this year.  The consumer price index, which measures the costs of dozens of everyday consumer goods, rose 7.5% compared to a year ago, according to the Labor Department. It was the highest reading since February 1982.

House leaders have finally greenlit a plan to craft legislation that would prohibit members of Congress from trading stock, after months of resistance to a ban by Pelosi, who was one of the biggest offenders.  The House Administration Committee is working on drafting the rules, and the legislation is expected to be put up for a vote this year, likely before the November midterm elections.

Shares of Disney are sharply higher after reporting fiscal first quarter 2022 results that beat.  New membership additions for the company’s two-year-old Disney+ streaming service surpassed analysts' expectations. The metric was in focus after a surge in direct-to-consumer video streaming at the height of stay-at-home orders during the COVID pandemic helped buoy Disney.  Turnout at Disney's lucrative parks and resorts also jumped, with theme park revenue more than double from a year before.