The market went full risk-on during the trading day Wednesday, sending the S&P 500 up nearly 2%.
An inflation report Wednesday that seemed to show little movement in prices set off a buying frenzy on Wall Street as investors breathed a collective sigh of relief that inflation was not on a path higher again. The consumer price index showed an increase of 0.4% in December, a shade above the estimate, and 2.9% annually, right on target. More importantly, though, the core measure of inflation that the Federal Reserve closely follows showed a modest easing, pulling back to 3.2%.
" The internals on the report reinforce Evercore ISI's "base case for two Fed cuts, and keeps open the possibility of a March cut, still our model case, which we think is underpriced at a 1 in 4 type probability," he added. Markets weren't quite that enthusiastic about the probability for future Federal Reserve moves.
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