Traders have been monitoring the data for signs of whether the Fed’s rate hikes this year are helping to bring down the pace of consumer-price increases, which earlier this year hit a four-decade high. In general, tighter monetary policy puts downward pressure on prices of risky assets, from stocks to cryptocurrencies.
Core CPI – which excludes food and energy because they tend to be more volatile – rose 0.2% in November, also a slowdown from October, the Labor Department reported. “Tuesday's CPI release along with Wednesday's FOMC meeting will undoubtedly set the tone for financial markets as we head into next year,” analysts at Deutsche Bank wrote in a note, expecting another 50 basis point rate hike by the Fed on Wednesday.Fed Chair Jerome Powell has previously said that he and his colleaguesat a level that's higher than officials' previous telegraphed 4.9%. According to Deutsche Bank, the rate could reach 5.1% before the Fed pause their campaign.
Analysts at the big French bank BNP Paribas see the terminal rate reaching 5.25% by March and holding that level until the end of the year.
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