Annual inflation ticked up for a third straight month in December as food, energy costs rose, CPI report showed. But underlying price measure eased.

The stock market's stiffest headwind, a surge in Treasury bond yields, was blown aside Wednesday by a surprisingly benign inflation report, which could rekindle bets on multiple Federal Reserve rate cuts before year-end.

There’s uncertainty about expected policy changes favored by the Trump administration - which may be inflationary to a degree. We anticipate that Fed will leave rates unchanged on Jan 29.