A key gauge of US consumer prices in November posted the smallest monthly advance in more than a year, indicating the worst of inflation has likely passed and validating an anticipated slowing in the pace of Federal Reserve interest-rate hikes.
A key gauge of U.S. consumer prices in November posted the smallest monthly advance in more than a year, indicating the worst of inflation has likely passed and validating an anticipated slowing in the pace of Federal Reserve interest-rate hikes.
The overall CPI increased 0.1 per cent from the prior month and was up 7.1 per cent from a year earlier, as lower energy prices helped offset rising food costs.U.S. stock futures surged and Treasury yields plummeted following the report. The median estimates in a Bloomberg survey of economists called for a 0.3 per cent rise in both the core and overall measures.
Economists broadly expect annual price growth to slow substantially next year, but it’s unclear just how bumpy or painful the path back to the central bank’s target will be. Economists expect further tightening next year followed by an extended pause as policymakers assess the nation’s inflation trajectory and persistence. Market participants see the central bank cutting rates before the end of next year.
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