US equities ended higher Thursday, just off best levels. The bounce following Tuesday's CPI drawdown has been chalked up to several dynamics, including the potential "January effect" on the print, somewhat dovish Fedspeak, a still favorable setup surrounding Fed pivot and resilient US growth backdrop, stable 2024 consensus earnings estimates amid heightened focus on operational efficiency, and an intact disinflation narrative. It's been a huge day of economic releases, including January retail sales, which dropped more than expected, and December’s was revised lower.