Hasseet: Friday's CPI data will include the factor of soaring energy prices.

White House economic adviser Kevin Hassett, citing a prediction from the Cleveland Federal Reserve, said that the Consumer Price Index released on Friday "will reflect the significant increase in energy prices we have just witnessed," but prices will later "return to normal levels." Hassett stated that the surge in crude oil prices "will fade very, very quickly." He said: "We have taken many measures and hope that over the weekend, Mnuchin and his team can finally reach a peaceful agreement, at which point the situation will be able to return to normal quite rapidly."