Indices finished flat today as markets absorbed December’s CPI print and Fed officials continue to follow the breadcrumbs. The headline number came in at 3.4% in December, hotter than the expected 3.2% but not quite enough to offer a stern reality check given markets have priced in 150bps of cuts in 2024 while the dot plot sits at half that. Core inflation dipped slightly from 4.0% to 3.9% while shelter ticked up to a monthly 0.5%, the highest in three months. The knee-jerk market reaction sent…
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