Here Comes Dallas Fed Manufacturing ...

The January report on manufacturing from the Dallas Federal Reserve is set for release at the bottom of the hour.

Expectations are for the composite index to come in at 3.0, down from 4.1 in December.

The main thing to focus on in this report, however, will be what executives in the Dallas region have to say about the impact the decline in oil prices is having on business conditions in Texas.

Last month, among other things, one executive said the decline in oil prices was "going to make things ugly ... quickly."

We'll be back with full reaction, LIVE, when the report drops.