It will definitely be a major factor in how the Fed is thinking about what to do next on interest rates. Inflation is still high -- 6 percent over the past year -- but it's steadily dropped since the middle of last year. That said, it's shown signs the last coupe of months of mostly moving sideways rather than moving convincingly down.

All of that to say, this is a tricky place for the Fed. What we saw with the banks was an example of how rate moves can suddenly hit, with a delay, in unpredictable ways. And so they have to be worried about going too fast and breaking something else. But they might still do a small increase later this month because they're still worried about inflation. It's about risk management at this point.

- Victoria