Have we already reached peak interest rates? After a CPI release that shows inflation running less hot than expected, the yield on 10-year Treasuries is plummeting. Yields now stand at 4.65%, a nearly 3% drop from yesterday.

US stocks gained after cooler-than-expected producer price index data soothed inflation concerns. The numbers on Tuesday showed wholesale inflation rose 0.2% in December on a monthly basis, compared to an estimated 0.4% increase. The reading climbed 3.3% from a year ago, below the projected 3.5% gain.