Market Performance - U.S. stocks showed mixed trading results, with the Dow Jones index falling over 200 points, down 0.60% to 49,293.33, while the NASDAQ gained 0.17% to 23,773.29, and the S&P 500 dropped 0.08% to 6,971.95 [1] - Energy shares increased by 1.4%, while financial stocks decreased by 1.8% [1] Inflation Data - Inflation remained steady in December, with the Consumer Price Index rising 2.7% year over year, unchanged from November and matching economist expectations [2] - Monthly consumer prices increased by 0.3%, also in line with forecasts [2] Commodity Prices - Oil prices rose by 2.6% to $61.06, while gold increased by 0.1% to $4,620.80 [4] - Silver prices surged by 4.4% to $88.860, whereas copper fell by 0.1% to $6.0295 [4] European Market Performance - European shares were mixed, with the eurozone's STOXX 600 falling 0.08%, while Spain's IBEX 35 Index rose 0.08% [5] - London's FTSE 100 slipped 0.03%, Germany's DAX gained 0.06%, and France's CAC 40 fell 0.14% [5] Asian Market Performance - Asian markets closed mixed, with Japan's Nikkei surging 3.10% and Hong Kong's Hang Seng Index gaining 0.90% [8] - Conversely, China's Shanghai Composite fell 0.64% and India's BSE Sensex decreased by 0.30% [8] Company-Specific Movements - Beyond Air Inc shares surged 172% to $2.39 following an acquisition agreement, potentially receiving up to $32.5 million [7] - Ambitions Enterprise Management Co LLC shares increased by 106% to $10.90 due to a year-over-year EPS increase [7] - TryHard Holdings Ltd shares rose by 77% to $40.96 after announcing a collaboration agreement and a $10 million share repurchase program [7] - Signing Day Sports Inc shares dropped 57% to $0.25 after announcing a public offering [7] - Travere Therapeutics Inc shares fell 32% to $23.16 following preliminary fourth-quarter financial results [7] - Wealthfront Corp shares decreased by 18% to $10.34 due to weak quarterly sales [7]

Core Viewpoint - The Trump administration's criminal investigation into the head of the Federal Reserve raises concerns about the independence of the U.S. central bank, which is crucial for economic stability [1] Group 1: Historical Context of Central Bank Independence - The Federal Reserve gained operational independence in 1951, following inflation issues that highlighted the limitations of previous monetary policies [3] - Political pressure, notably from former President Nixon, contributed to inflation in the 1970s, emphasizing the need for central bank independence [4] - By the end of the 20th century, 80-90% of the world's central banks had operational independence, as noted by the Bank of England [5] Group 2: Impact of Independence on Inflation - The last 30 years of low inflation have been attributed to various factors, including central bank independence, which has been linked to lower inflation levels and volatility [6] - In the UK, the uncertainty regarding inflation decreased by a factor of four after the Bank of England became independent in 1997, compared to the previous two decades [7] Group 3: Challenges to Central Bank Independence - The global financial crisis of 2007-09 tested the support for independent central banking, as it was associated with failures by central banks and regulators in managing banking system risks [8]

Financial Data and Key Metrics Changes - The company reported a strong outlook for the fourth quarter, indicating a healthy customer base that continues to spend [4] - Aggregate inflation for the first three quarters of 2025 was around 3%, which is favorable for food distributors [8] - The company aims to achieve an Adjusted EBITDA margin of 6.5%-7% by fiscal 2028 [28] Business Line Data and Key Metrics Changes - The company has diversified its offerings significantly over the past decade, moving from high-end products to include upscale casual and various food service sectors [4] - The protein division is currently strong, and the company anticipates that its presence in fresh produce will triple or quadruple as other categories grow [19] Market Data and Key Metrics Changes - The food away from home market is valued at $400 billion, and the company is targeting a 10% market share [16] - The company has seen significant growth in regions like Texas and Florida, with Texas being described as a startup due to its rapid expansion [32][33] Company Strategy and Development Direction - The company focuses on being a core supplier to independent restaurants and cafes, rather than pursuing large national chains [23] - The strategy includes enhancing the sales force to act more as consultants, providing tailored solutions to customers facing labor challenges [24] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about consumer spending, noting that celebratory spending is still strong despite economic uncertainties [6] - The company is not expecting significant changes in inflation rates and is prepared to manage price volatility effectively [8][10] Other Important Information - The company has paused M&A activities to focus on integrating recent acquisitions and improving operational efficiencies [31] - The management emphasizes the importance of maintaining a diversified supply chain to mitigate risks associated with tariffs and inflation [10][12] Q&A Session Summary Question: How is the state of the consumer affecting your business? - Management noted that their customer base remains healthy, with continued spending on dining out and events [4] Question: How do you expect tax reforms to impact your business? - Management does not model tax reforms into their forecasts but acknowledges that increased disposable income for consumers could be beneficial [6] Question: What is your outlook on inflation and pricing? - Management indicated that they can manage through price volatility effectively and prefer a stable inflation range of 1%-3% [11] Question: How do you view competition in the food distribution market? - Management believes that their unique approach and long-standing relationships with chefs set them apart from competitors [14] Question: What is your strategy regarding M&A? - Management stated that they are currently focused on organic growth and integrating past acquisitions, remaining opportunistic for future M&A [31][33]

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Market Overview - U.S. stock markets are experiencing a mixed session with major indexes showing slight pullbacks as investors assess inflation data and fourth-quarter earnings reports [1][2] - The S&P 500 Index is down less than 0.1%, the Nasdaq Composite Index has slipped 0.2%, and the Dow Jones Industrial Average has fallen 0.6% [2] Economic Indicators - The December Consumer Price Index (CPI) data shows a 2.7% year-over-year rise in headline inflation, matching expectations, while core inflation is at 2.6%, slightly below the projected 2.8% [4] - The 10-year Treasury yield has decreased to below 4.18% from 4.20% following the CPI data release, indicating potential room for Federal Reserve interest rate cuts [4] Earnings Reports - JPMorgan Chase (JPM) reported adjusted profits exceeding expectations but with slightly lower revenue, leading to a 2.5% decline in shares [7] - Delta Air Lines (DAL) shares fell nearly 6% pre-bell and 1.5% in recent trading after forecasting lower-than-expected profit growth for fiscal 2026, despite reporting operating revenue of $16.00 billion [7] - L3Harris Technologies (LHX) shares surged 3% to an all-time high following plans to spin off its Missile Solutions business, supported by a $1 billion government investment [8] Sector Movements - A sector rotation trend has been observed since late December 2025, with the Dow Jones and small-cap Russell 2000 outperforming AI-heavy mega-cap technology stocks [3] Corporate Developments - Sun Country Airlines Holdings Inc. (SNCY) shares jumped 10.6% after announcing an acquisition agreement with Allegiant Travel (ALGT) valued at $18.89 per share [10] - Posco Holdings Inc. (PKX) shares rose 12% after raising $700 million in global bond markets and providing a positive earnings outlook for 2026 [11] Political Impact - President Trump's proposal to cap credit card interest rates at 10% has negatively impacted financial stocks, with Visa (V) and Mastercard (MA) down 5%, and American Express Company (AXP) down 4.3% [9]

Core Insights - A key measure of inflation, the Consumer Price Index (CPI), rose 2.7% in December, matching November's increase and aligning with forecasts [2] - The core CPI, excluding food and gas prices, increased by 2.6%, which was below the median forecast of 2.8% [2] - The overall inflation rate showed signs of cooling, providing some relief to household budgets strained by previous cost-of-living increases [1][4] Economic Implications - Tamer inflation reports may allow the Federal Reserve to consider lowering interest rates to support the struggling job market [3][10] - Despite inflation remaining above the Fed's target of 2%, the flat inflation trend is seen as an improvement compared to previous months [3] - The CPI report was the first unaffected by the government shutdown, which had previously impacted data collection [8][9] Price Trends - Used car prices dropped by 1.1% monthly, and gas prices fell by 0.5%, contributing to the overall decrease in inflation [4] - Core goods prices remained flat for the first time since May, indicating a muted impact from tariffs [5][6] - Food prices rose by 0.7%, marking the highest increase since September 2022, while shelter prices increased by 0.4% [6] Federal Reserve Outlook - The Federal Reserve is expected to maintain its current interest rate range of 3.5% to 3.75% at its next meeting, with discussions ongoing about the balance between combating inflation and supporting the job market [10][11] - Analysts predict that the December CPI report will not significantly alter the Fed's stance on interest rates, with a pause in rate cuts anticipated [12] - Future inflation reports may become less influential on market movements as other factors, such as political pressures, come into play [14][15]

Market Overview - Bitcoin surpassed $93,500, gaining over 2% in 24 hours, driven by steady inflation data, political instability, and renewed interest in crypto as a macro hedge [1] - Altcoins such as ether (ETH) and BNB also saw increases, with ETH rising 1.7% to $3,185 and BNB up over 1.5%, while the broader market, measured by the CoinDesk 20 index, increased by 1.4% [2] Economic Indicators - The U.S. Consumer Price Index (CPI) for December remained steady at 2.7%, with core CPI lower than analyst expectations, reinforcing the Federal Reserve's soft landing narrative [1][3] - Lower interest rates are expected to enhance the appeal of risk assets, including cryptocurrencies [3] Market Resistance and Predictions - Bitcoin needs to break through the $93,500-$95,000 resistance zone, which has limited price increases for nearly two months [4] - If retail sales and housing data confirm consumer resilience, a decisive break of the resistance could lead to a run towards $100,000 before the end of the month [7] Legislative Developments - The digital asset market structure legislation is progressing in the Senate, potentially providing a "seal of approval" for institutional capital if passed [5] - The bill includes compromises on stablecoin yields and protections for decentralized finance (DeFi) [5] Political Context - Political tensions, particularly between President Trump and Federal Reserve Chair Powell, are raising concerns about the Fed's independence, with a Supreme Court ruling on federal tariff authority expected to impact the dollar and risk assets [6]

JPMorgan Chase CEO Jamie Dimon slammed the Trump administration’s move to open an investigation into Fed Chair Jerome Powell over the $2.5 billion revamp of its headquarters, warning that threats to the central bank’s independence could raise interest rates and stoke inflation.GOP lawmakers and White House insiders accuse Powell of lying to Congress about the work during his testimony in June, prompting US Attorney Jeanine Pirro to step in and order the probe.But JPMorgan boss Jamie Dimon, speaking during a ...

Key Takeaways CPI Inflation Rate Came In-Line Month over Month to 2.7%Oil and Gasoline Prices Moved Lower; Food and Shelter Rose AgainJPMorgan and Delta Air Lines Beats Estimates on Top and Bottom LinesTuesday, January 13th, 2026A new Inflation Rate hits the tape this morning, coming in flat month over month to +2.7% — still -30 basis points (bps) from the recent high +3.0% back in September. It continues an abrupt turnaround in Consumer Price Index (CPI) year over year, which had risen +70 bps from April t ...

Core Insights - Grocery prices have surged, but this increase has been offset by lower price increases for appliances and vehicles, indicating a mixed inflationary environment ahead of the Federal Reserve's interest rate meeting [1] Group 1: Grocery Prices - The report highlights a significant rise in grocery prices, which is a key concern for consumers and policymakers [1] Group 2: Appliances and Vehicles - In contrast to grocery prices, the increases in prices for appliances and vehicles have been lower, suggesting some relief in these sectors [1] Group 3: Federal Reserve Context - This report is the last one before the Federal Reserve convenes to discuss interest rates, making it particularly relevant for monetary policy considerations [1]