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 latest consumer price index report shows inflation rose 2.9% year-over-year in December, marking three months of consecutive increases. Experts are warning of delays in interest rate cuts and possibly even rate hikes.

US CPI rose 0.4% MoM and 2.9% YoY. The market reacted bullishly, with bond yields dropping and equity futures rising. See what Fed is expected to do.