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Inflation data this week has come in below forecasts. Earnings season is off to a solid start. Is this the medicine the market nees?

Global markets treaded water on Wednesday ahead of U.S. consumer price data that could potentially shift the monetary policy outlook there, while investors waited to see if earnings of big banks would match sky-high expectations.

A key inflation metric eased for the first time since July as investors debate the Federal Reserve's next interest rate decision.

The cost of living rose more in December than the month before, as rising energy costs hurt household budgets and stoked inflation. However, "core" prices were cooler, providing some hope for lower inflation in the coming months.

U.S. consumer prices increased slightly more than expected in November as energy costs rose, pointing to an inflation trend that lines up with the Federal Reserve's view for a slower path of rate cuts this year.