The November Consumer Price Index (CPI) report offered encouraging signs for inflation. The markets viewed it positively, but the Fed is less enthusiastic.
The market reaction was clearly positive. On the day of the November CPI announcement the S&P 500 and the Dow saw their best single day gain in percentage terms for over two years. Interest rate futures moved to suggest that the Fed would increase rates 0.5 percentage points at their
. Prior to the CPI numbers, market expectations were balanced between a 0.5 and 0.75 percentage point move.However, the Fed has been quick to downplay any expectations that they will soon consider cutting rates. President Logan of the Dallas Fed said on November 10, “This morning’s CPI data were a welcome relief, but there is still a long way to go.” She went on to say that, “Sufficient cooling of the economy will eventually bring inflation back to our target.
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