December CPI came in at 2.9%, in line with expectations and lower than many had feared. Core CPI was 3.2%, down from the outlook of 3.3%.
Futures, already in the green after strong earnings from key banks, soared in a relief rally. Though not out of the woods, if stocks can hold current levels it would do serious damage to the bears’ case.
Though December’s CPI has helped stocks, January’s has the potential to do more damage as it tops 3%. 
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