Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action, news, and analysis.

Good afternoon. Today is Tuesday, January 13th, and I'm your host, Kim Kahn.

Our top story so far, the CPI and the sweet spot.

Core consumer prices rose 0.2% on the month in December, cooler than the 0.3%

consensus in matching November's pace. That left the core rate up 2.6% annually, just below the 2.7%

forecast. Headline CPI rose 0.3% on the month and 2.7% year-on-year, in line with expectations

on the month and a touch hot on the year,

which shelter costs up 0.4%, the biggest driver.

T.S. Lombard, chief economist Freya Beamish, says the macro backdrop is probably in a sweet spot

for now, with fiscal stimulus supporting growth, while earlier wage cooling feeds through to

inflation. But she warns that as demand

stays strong and affordability is tackled by fiat rather than systemically through the Fed, the risk

of upside inflation surprises rebuilds into 2026. President Donald Trump seized on the slightly

cooler corporate to again pressure Fed Chair Jay Powell, saying he should cut rates meaningfully

or risk being too late. But markets still don't see the FMC cutting until after Powell's

term as chairman ends in May. In a rare coordinated move, global central bank officials issued a

statement backing Powell and the Fed's independence. Signatories included Christine Lagarde,

ECB, Andrew Bailey, B.O.E.,

Tiff MacLum, B.O.C. and Michelle Bullock, RBA. They all called Central Bank independence

a cornerstone of priced financial and economic stability that must be preserved. Among active

stocks, earnings season is officially upon us. J.P. Morgan Chase is higher after issuing fresh 2026 guidance, with its net interest income

outlook, topping consensus and expenses seen roughly in line.

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