US Futures Pare Gains

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US stock futures pared gains on Thursday after a hotter-than-expected inflation report challenged investors’ expectations the Federal Reserve will soon start cutting interest rates. The annual inflation rate in the US rose to 3.4% in December, surpassing market expectations of 3.2%. Also, the number of Americans filing for unemployment benefits fell to 202,000, well below the anticipated 210,000. In the crypto market, Coinbase shares rose 5.1% following the SEC’s approval for Bitcoin-related exchange-traded funds. Conversely, Citigroup’s premarket trading saw a decline of 1.4%. The bank announced it would take over $3 billion in one-time reserves and expenses as part of its upcoming fourth-quarter results.

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