The latest inflation report slashed the risk that the Fed could go back to hiking interest rates this year, Wall Street strategists say.

Inflation picked up in December, if economic forecasters are right—driven by rising food and energy costs. And the uptick will almost certainly push the Federal Reserve to rethink any plans for a rate cut in January.

Global shares are mostly higher following a rally on Wall Street driven by encouraging update on U.S. inflation. Oil prices slipped and U.S. futures edged higher.

US stocks surged higher Wednesday after an encouraging inflation report and blockbuster profits for some of America’s biggest banks.

NEW YORK >> U.S. stocks surged today, with all three major indexes registering their biggest daily percentage gains in more than two months, as lower-than-expected December core inflation data and solid earnings from major U.