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CNBC Daily Open: U.S. stocks shrug off hot inflation numbers

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A hotter-than-expected CPI reading for January caused U.S. Treasury yields to increase. But stocks were remarkably resilient.

January's hotter-than-expected CPI report cast a shadow over U.S. markets yesterday.

Is the disinflationary process — in the words of Federal Reserve Chair Jerome Powell — still in play in the U.S.? January's core CPI of 5.6% is a tiny notch lower than December's 5.7%, which means that prices are still tapering off. But just barely.

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