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

Good afternoon. Today is Wednesday, January 10th, and I'm your host, Kim Khan. Our top story so far.

Shipping rates continue to rise steeply, while vessels face week-long delays due to diversions from the Red Sea around the Horn of Africa to avoid attacks

by Iran-backed Hooty rebels.

The average shipping costs for 40-foot containers has nearly doubled since the attacks began, according to Drury's World Container Index,

which tracks freight rates on eight trade routes. The index reached 2,670 per 40 foot container

as of January 4th. That's 88% more than the average 2019 pre-pandemic

rates of 1,420. The 10 largest container ship operators are estimated to have diverted about $200 billion in cargo

from the Red Sea since early December. Philip Danos, head of Drury Supply Chain Advisors,

said 30% of current shipping capacity has likely been impacted by the attacks and precautionary diversions.

The weeks leading to Chinese New Year on February 10th are going to be very difficult for shipping," he said.

Meanwhile, U.S. and UK Naval Forces shot down 21 drones and missiles fired by Hutis on Tuesday

in the southern Red Sea and their largest attack yet.

A coalition of nations, led by the U.S. beefed up patrol in the Red Sea to help prevent attacks.

Secretary of State Antity Blinkin warned that if the attacks continue continue there are going to be consequences.

In today's trading stocks are little changed and Treasury yields are slightly lower

as traders position ahead of the big retail inflation report on Thursday.

December C. P. I could give investors a big clue as to the pace of fed rate cuts.

The market is pricing in five this year, but no more strategist Charlie Miguelic, isn't ready to shut the door on another hike.

He says, if we don't maintain sufficiently tight financial conditions, there is a risk that

inflation will pick back up and reverse the progress we've made. In light

of the easing financial conditions in recent months, we shouldn't take the

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