For the final consumer price index print we will get this year, the Bureau of Labor Statistics found that headline CPI inflation rose 3.1% for the 12 months ending in November. The Federal Reserve‘s preferred measure of core CPI, which excludes the more volatile measures of food and energy prices, rose 4% for the year ending in November.
Futures soared on the news, which showed inflation largely in line with market expectations. It is true that the Fed has made ample progress in bringing inflation down from its near double-digit high in the summer of last year, and for now, at least, the central bank has been validated in holding the federal funds rate at the 5.25% to 5.5% range.
BIDEN LOSING YOUNG VOTERS TO TRUMP AS HE FALLS BEHIND IN TWO SWING STATES
But as usual, investors are high on their own supply. While the Fed is tentatively winning its war against inflation, only an idiot…
