Better bank earnings and inflation readings sent bond and stock prices higher. Earnings and politics will likely have the most significant impact on markets this week.

The path of inflation proved bumpier than expected in December, with price growth picking up more than economists had forecast. The consumer price index climbed 2.9% year over year in December, according to data released Wednesday by the Bureau of Labor Statistics.

With energy and food inflation markedly stronger in December, the overall reading for the consumer price index surged last month. But taking those categories out of the mix revealed a far more benign inflation reading.

Consumer inflation data came in slightly hotter than expected in December. Consumer prices were up 2.9% for the 12 months ended in December as compared to 2.7% in November, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics. On a monthly basis, prices rose by 0.4%.

The Labor Department releases its producer price index for December on Tuesday. The index measures inflation at the wholesale level, before businesses pass costs on to consumers. Economists predict that wholesale prices rose at a higher pace last month than in November.

U.S. stocks ripped higher after an encouraging update on U.S. inflation. The S&P 500 jumped 1.8% for its best day in two months Wednesday. The Dow Jones Industrial Average climbed 1.7%, and the Nasdaq composite gained 2.

Wholesale-level inflation heated up further to close out 2024, a sign that price pressures are building at a time when President-elect Donald Trump threatens to unleash a substantial array of tariffs.

Market-implied expectations for future inflation were little changed despite a milder-than-expected monthly core reading from December's CPI report on Wednesday — indicating that concerns about the outlook remain.

Prices increased by 2.5% on an annual basis in December, down from 2.6% in November. Full coverage from the team at MoneyWeek.

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