"Inflation Surges, US Stocks Slide: Market Update"

US stocks slipped as December inflation rose slightly more than expected, raising concerns about the Federal Reserve's interest rate plans. Despite this, stocks gained as the market priced in a 67% chance of a Fed rate cut in March. Additionally, the SEC's approval for US spot Bitcoin ETFs to begin trading boosted crypto stocks, with Bitcoin reaching its highest levels since March 2022. Citigroup announced it will take more than $3 billion in one-time reserves and expenses in its quarterly financial update.