The $1,400 stimulus checks will be accompanied by a host of other relief, according to Garrett Watson, a senior policy analyst for the Tax Foundation. Here are the other benefits you can expect. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi Inflation is just warming up, but by late spring it could get downright hot, even if temporarily. February’s consumer price index — a measure of inflation — is expected to be up moderately when it is released Wednesday at 8:30 a.m. ET. By May, the pace of headline consumer inflation on an annualized basis could be double February’s pace. The debate in the market is whether the spike is transitory as the Fed and many economists say, or the start of a bigger trend. “The big question to ask is will that level of heat we’re going to see by May be sustained or not?” said Barclays senior U.S. economist Blerina Uruci. “I’m in the camp of people who think probably not, but there are some who think the opposite,” she said. Warming trends Economists expect the consumer price index rose 0.4% in February, or up 1.7% from a year ago. That compares to a 0.3% increase in January, and a 1.4% rise on an annual basis. When energy and food are excluded, the core CPI is expected to be up 0.1% in February, or an annual pace of 1.3%. Signs of inflation are already showing up in the goods side of the economy, and Uruci expects that to spread to the service side. Consumers will soon be armed with another stimulus check. Pent-up demand should start sending up prices on things like airfare, public transportation, hotels, dining out, and rental cars as more people feel comfortable leaving their homes. Higher prices for companies Companies have already been dealing with a range of rising prices. The National Association of Manufacturers in its quarterly survey Tuesday said the increasing costs of raw materials was the biggest challenge facing companies. Manufacturers were upbeat, expecting output to exceed pre-pandemic levels in the next couple of months, the survey found. They also had difficulty finding workers, which could suggest a rise in wages in addition to other costs. The manufacturers’ association pointed to a report from the Institute for Supply Management, showing the backlog of orders was at its highest level since 2004 and raw material costs were rising at the fastest rate since May 2008. So far this year, oil prices are up more than 30%, while copper and lumber are up nearly 15%. Jim Caron, head of global macro strategies at Morgan Stanley Investment Management, said the rise in inflation could rattle investors in the spring. However, he agrees with an assessment laid out by Federal Reserve Chairman Jerome Powell that it will be transitory. Without wages moving up materially, Caron doesn’t expect to see a lasting trend, but that won’t stop investors from being concerned. » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC https://www.cnbc.com/select/best-credit-cards/ #CNBC #CNBCTV