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.

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

Consumer price index data for December showed that core price pressures eased more than expected. S&P 500 futures rose as Wall Street weighed the CPI's implications for Federal Reserve policy as well as positive earnings reports from Dow Jones giants JPMorgan Chase and Goldman Sachs.

Inflation data this week has come in below forecasts. Earnings season is off to a solid start. Is this the medicine the market nees?

U.S. consumer prices increased slightly more than expected in November as energy costs rose, pointing to an inflation trend that lines up with the Federal Reserve's view for a slower path of rate cuts this year.

The Labor Department released the inflation report for December which showed prices were up 2.9% from a year ago, in line with economists expectations and up from 2.7% in November.