It's Jim Kramer here. You're listening to the opening bell of CBC's Squawk on the Street.

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Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kintanian with David Faber here at Post 9 of the New York Stock Exchange.

Jim Kramer's in San Francisco. A wave of relief washing over the market as December core CPI runs a 10th cool.

Yields are lower across the curve.

The banks with some pretty clean beats across the board. Small caps look to bounce nearly

3% this morning. A roadmap begins with the economic implications from that cooler than

expected core print. What it will mean for the Fed's rate cut path?

Plus, we have gotten strong results from all streets biggest banks, and that is helping

to fuel a rally ahead of the open.

Goldman City, Wells Fargo, JPM Morgan all across the tape, JPM reporting record profit

for the quarter.

And that countdown for TikTok potentially being shut down, at least the U.S. operations on Sunday, yep, we're in the

middle of it, waiting a Supreme Court decision as well. Could get that as soon as this morning.

Let's begin with this market reaction to CPI. A bit of a coiled spring in effect here, Jim.

Yeah, look, what can I say? People told me that again and again, if it just came in in line, that would be bad. That turned out to be a grave misjudgment. An inline number in an atmosphere where we felt that things are going to, that everything is going to go explode to the top, and we're going to be seeing 5% on the tenure and the 6% of the 30, or all these crazy things, all off the table, at least for today.

David, what I think, what works for me today when I look at this market is there was a tremendous amount of negativity about interest rates, but positivity about earnings.

If you take the negativity about interest rates off and you look at the earnings that we saw

this morning, people are going to be pretty optimistic and it might be sustainable throughout,

I don't know, a little while. These are great numbers we saw this morning.

Yeah, these are very strong numbers and we're starting to get the conference calls.

I think JP Morgan's conference call began. I know Leslie will wrap it all up for us at some point soon as well.

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