P.M. Edition for Jan. 15. Israel and Hamas have reached a cease-fire agreement in Gaza. WSJ national security reporter Alex Ward explains what the deal entails and how it could lead to a permanent end to the war. Plus, the latest data from the Labor Department shows that U.S. inflation was up last month. U.S. economy reporter Paul Kiernan discusses what that could mean for the Federal Reserve’s next meeting. And big banks had a stellar fourth quarter. Reporter Alexander Saeedy explains why. Alex Ossola hosts.

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