Stocks welcome U.S. inflation relief, but wary of Fed

up 0.7% at the close. The dollar, which is falling from 20-year highs as U.S. interest rate expectations retreat, dropped broadly and sharply, while bonds rallied.

"I suspect it was a bit of 'hang on, guys,' - next up is the and maybe we want to take some profit and keep our positions trim."0.1% last month, 0.2 percentage points slower than economists expected, and in the 12 months through November, headline CPI climbed 7.1% - its slowest pace in about a year.rose as much as 3.8% before closing 1% higher. S&P 500 futures rose about 0.2% in Asia.

The U.S. dollar fell 1.5% against the yen after the inflation data and was steady at 135.58 yen in Asia. The U.S. dollar index fell to a six-month low of 103.57, before steadying at 104.01. It is down more than 9% from a two-decade high made in September.Futures pricing shows markets expect the Fed will slow the pace of hikes, but still raise its Funds rate target range by 50 bps to between 4.25% and 4.5% later on Thursday.

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