From Nasdaq, Inc.:

Global stock indexes were lower, with the S&P 500 down after briefly rising above its record closing high. The dollar hit a one-month high against the yen as U.S. consumer price inflation came in above economists’ expectations in December. U.S. regulators have approved the first U.S.-listed exchange-traded funds to track bitcoin, a big step for the cryptocurrency world.

The consumer price index data showed headline CPI rose 0.3% last month with an annual gain of 3.4%, beating expected figures of 0.2% and 3.2%, respectively. This raised some doubts that the Federal Reserve will cut rates as soon as some traders expect.

According to the CME Group’s FedWatch Tool, the odds of a March rate reduction from the Fed fell to 65% from 67% on Wednesday. Some investors believe this data does not mean there’s a resurgence in inflation. REUTERS_MBJ_0111_PURSUANT-RATES-AND-INFLATION-GRAPHIC_BITCOIN-BOOST_trans_NvBQzQNjv4Bqpk_mqBpnic9D6DnFrvNoWEfC2KuA3YTbZI9yeLCOAAsingleCarbon.jpg REUTERS_MBJ_0111_PURSUANT-RATES-AND-INFLATION-GRAPHIC_BITCOIN-BOOST_trans_NvBQzQNjv4Bqpk_mqBpnic9D6DnFrvNoWEfC2KuA3YTbZI9yeLCOAAsingleCarbon.jpg REUTERS_MBJ_0111_PURSUANT-RATES-AND-INFLATION-GRAPHIC_BITCOIN-BOOST_trans_NvBQzQNjv4Bqpk_mqBpnic9D6DnFrvNoWEfC2KuA3YTbZI9yeLCOAAsingleCarbon-fjrM1MLHFI.pngful. Thierry Wizman, global FX and interest rate strategist in Macquarie, New York, said this is not dangerous, and the Fed will still be easing. The Dow Jones Industrial Average .DJI fell 0.52% to 37,501.23, the S&P 500 .SPX lost 0.42% to 4,763.39 and the Nasdaq Composite .IXIC dropped 0.42% to 14,907.17.

The euro dipped 0.06% on the day to $1.09630. The greenback gained 0.13% to 145.97 yen, reaching the highest since Dec. 11. U.S. Treasury yields were mixed, with those on the long end trading slightly higher. The benchmark 10-year yield was last up 1.3 basis points to 4.043%. Bitcoin was up 2.7% to $47,208. Standard Chartered’s head of digital assets research, Geoff Kendrick, estimated the approval of U.S. ETFs and bitcoin’s ‘halving’ in April (which cuts the currency’s supply and historically kick-starts price rises) could send it to $100,000 by the end of the year. He said an end-2025 level closer to $200,000 is possible, assuming that between $50 billion and $100 billion would flood into the new U.S. ETFs by the end of the year. Investor focus will soon turn to U.S. earnings season, with banking giants JPMorgan Chase, Bank of America, Citigroup and Wells Fargo all due to report earnings on Friday.

Read more: GLOBAL MARKETS-S&P 500 slips, after rising briefly above record close, on CPI data