Here come producer prices ...

The January producer price index is set for release at 8:30 am ET.

Expectations are for producer prices to fall 0.4% in January compared to the prior month.

Excluding the more volatile cost of food and gas, "core" PPI is expected to rise 0.1%.

Compared to last year, producer prices are set to rise 0.3% with core prices expected to rise 2%.

In a note to clients ahead of the report, Ian Shepherdson at Pantheon Macro said the PPI report could surprise to the upside due to the report's "quirky treatment" of gasoline prices.

"The PPI, remember, is no longer just a traditional measure of the price of goods leaving factories; it now covers the whole economy and, hence, is dominated by services," Shepherdson wrote.

"The gas price effect on the trade services component-which accounts for 23% of the core PPI-is hard to predict, as our final chart suggests, but the message from the data seems to be that a spike is overdue."

Shepherdson expects "core" PPI to rise 0.4%.

We'll be back with the live numbers when they hit.