The Labor Department released the inflation report for December, which showed prices were up 2.9% from a year ago, in line with economists expectations and up from 2.7% in November.

Inflation probably picked up in late 2024, fueled by robust household spending amid a strong economy. A key gauge of inflation — the consumer price index — is expected to show Wednesday morning that prices rose by 2.

By Johann M Cherian and Sukriti Gupta (Reuters) -Strong quarterly results from Wall Street's biggest banks pushed U.S. stock index futures higher on Wednesday as investors awaited a crucial inflation report due later in the day.

Data Tuesday showed wholesale inflation slowing, but bigger price gains in key categories that feed into the Fed’s preferred inflation gauge contained excitement about rate cuts