Stock Futures Modestly Lower And Yields Mixed This Morning Following Release of November Consumer Price Index Report
U.S. stock futures are lower. Stock futures are modestly lower, and yields are mixed this morning following the release of the November Consumer Price Index (CPI) report. The report indicates that consumer prices, year-over-year, came in as forecasted at 3.1% and 4% for headline and core inflation, respectively. On a month-over-month basis, the headline CPI increased by 0.1%, slightly surpassing the estimates for an unchanged figure. The CPI report, largely in line with expectations, will provide the Federal Reserve with another data point for discussion at the FOMC meeting, commencing today and concluding with the interest rate decision and a speech from Chairman Powell tomorrow afternoon. The FOMC committee will release an updated Summary of Economic Projections that will communicate the official’s expectations for potential rate cuts next year. Additionally, the November Producer Price Index (PPI) report will be released tomorrow morning before the market opens. Asian markets closed higher overnight, while European markets are currently trading mixed. Crude oil prices are declining, while gold prices recovering after retracing back below 2000. The U.S. dollar is holding steady.