Wall Street sees best CPI day since at least late 2023; Goldman Sachs and JPMorgan kick off the new earnings season

US stocks soared as traders cheered encouraging inflation data, while the 10-year Treasury plunged 13 basis points.

US stocks jumped at the open after consumer price data showed inflation continues to slow. Strong bank earnings also helped lift sentiment.

Consumer Price Index showed an acceleration to 2.9%, the highest rate since July. With such high inflation, the Fed is unlikely to cut rates in January.

The Bureau of Labor Statistics released the consumer price index report for December earlier today. What the inflation data means for the Fed and interest rates.

Inflation is proving stickier than expected, which could cause Fed to hit pause button on more interest rate cuts.