What did the US CPI January 2026 report show?

Headline inflation cooled to 2.4% year over year, slightly below the 2.5% forecast. Core CPI printed 2.5%, signaling ongoing disinflation. The mix suggests easing price pressure without a sharp growth hit, which helps support risk sentiment and keeps the door open for the Federal Reserve to consider cuts later in 2026 if the data trend holds.

How did the S&P 500 today react to the inflation data?

The index finished little changed, showing relief but also caution. Rate-sensitive areas steadied, while leadership from large-cap tech remained a key focus. Traders want more confirmation from upcoming inflation and employment reports before making bigger bets, so near-term price action could stay range-bound around well-watched technical levels.

What does core CPI 2.5% mean for Fed rate cuts 2026?

A 2.5% core reading supports the case that inflation is moving closer to target. If services and shelter cool further and labor demand eases, the Fed could start cutting in 2026. The exact timing and size depend on the next few months of data, including inflation breadth, wage growth, and activity indicators.

How is this relevant for Hong Kong investors?

Hong Kong’s currency link to the USD means local interest rates often follow the Fed. Softer US inflation can lower the odds of higher-for-longer rates, which may support HKD-sensitive sectors like property, REITs, and utilities. It can also help growth stocks by easing discount rates, though earnings and global risks still matter.

Global Market Insights

^GSPC Today, February 14: CPI Cools to 2.4%; Rate-Cut Bets Edge Up

ByHuzaifa Zahoor February 14, 2026

US CPI January 2026 came in at 2.4% year over year, below the 2.5% forecast, while core CPI 2.5% matched a cooler trend. The print kept the ^GSPC near flat, with traders eyeing Fed rate cuts 2026. For Hong Kong investors, a softer path for US inflation matters because HKD rates tend to track the Fed. We break down S&P 500 today, key levels, and practical positioning for HK portfolios as easing hopes edge up.