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The latest inflation data showed U.S. consumer prices increased marginally above expectations in December, with the CPI rising 0.4% monthly and 2.9% annually, driven partly by higher energy costs. The figures, while slightly exceeding economists’ forecasts of a 0.3% monthly gain, appear to support the Federal Reserve’s cautious stance on rate cuts for 2024. Markets interpreted the data optimistically, with S&P 500 futures surging 1.5%, the 10-year Treasury yield dropping 12.1 basis points to 4.667%, and the dollar index declining 0.4% to 108.76, suggesting investors view the inflation trajectory as manageable within the Fed’s policy framework.
