The Federal Reserve's primary inflation rate and fourth-quarter GDP growth, due out at 8:30 a.m. ET, are expected to show solid growth, thanks in part to the AI data center buildout, and still-elevated price pressures. S&P 500 futures are modestly lower ahead of the data, as markets have one eye on a potential conflict with Iran and another on a possible Supreme Court Trump tariff ruling. The combination of solid growth, a possible stabilization of the job market and persistently elevated inflation has dimmed the odds of another Fed rate cut until at least June.