CPI data looked good in that it indicated that prices rose less than expected in November. It raises optimism that inflation has started to cool. This might be the reason why stocks spiked in the morning but had a subdued closed (all three major indices finished in moderate green) perhaps because the focus has now shifted to Federal Reserve Chairman's speed after the FOMC meeting conclusion tomorrow. Most people expect Feds to raise the interest rate by 0.50% (remains to be seen). However, it will be more interesting to see if there will be any comments about the terminal rate and future rate hike/restrictive policy schedule.
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