dennis lockhart will tell us let's check the markets which are trading to the down side a lot of what worked in january is not working today the nasdaq going from the biggest leader to the biggest laggard down 1.5%. the russell 2000 is in the red >> let's check in with bob pisani for more color and data on the markets >> you know, there's three big things we'll be watching this week can we end january positive in you know the january barometer, so goes january so goes the year we end positive for the month, that's a psychological boost for the markets. number two, big earnings week coming up. we'll hear from the big industrial and big technology names. caterpillar and u.p.s. on ted c tuesday morning. amd and apple and alphabet mcdonald's we'll hear from tuesday morning. big economic data. we'll get the employment cost index, eci on tuesday that will show you how employee compensation is growing or not growing. the fed meeting on wednesday they are not going to declare victory over inflation finally the jobs report, we'll see probably the lowest print in a couple of years. talking to t

joining us now with his thoughts is former atlanta fed president dennis lockhart. see you again happy new year. >> happy new year to you >> so, jobs data this week on openings we're still expecting millions of openings on the jobs report we're still expecting resilience and jobs to be added even if that pace of growth is slowing what's that going to mean for the fed? >> it will mean they have to stay the course, in at least the first two meetings of the year, and watch the inflation data, and as you point out, very importantly the labor market data i think the labor market data are key to the policy outlook at the moment they need to see some slowing in the labor market friday's report is an important one. >> why, just to play devil's advocate, why do they need to see that why can't we continue to have job gains, wage growth, which is good for america, if we see the overall inflation rate coming down on goods, can't they continue to slow down and pause? >> well, you remember from jay powell's last press conference and the one before that as well, he gave an indicat