© Reuters
Investing.com – US inflation data was released today, and it’s the most important data on the US economic scene, as slowing inflation to 2% is the US Federal Reserve’s first goal and first move by Jerome Powell in his interest rate decision.
Year-on-year, November’s headline CPI rose 7.1%, while experts had expected a 7.3% increase, down from a 7.7% increase in October data.
On a month-on-month basis, the consumer price index rose 0.1%, while experts had expected a 0.3% increase, following a 0.4% increase in October.
November core CPI rose 6.0% year over year, while experts had expected it to rise 6.1%, down from 6.3% in October.
Month-on-month, it rose 0.1%, while experts had expected it to maintain its 0.3% increase, as indicated in October data.
Real income in the US has increased on a monthly basis since November by 0.2%, and is said to have seen a contraction of -0.1% last month.
Conclusion
Inflation data for November slowed sharply and was better than experts’ expectations, suggesting the Fed will raise interest rates by just 50 basis points and take a less aggressive stance after the slowdown and the response of inflation indicators to interest rates.
markets now
Contracts are now up more than 1.37% to $1816.45 an ounce while spot contracts are up 1.23% to $1802.6 an ounce as contracts are up by 2.38%, logging $23,960 an ounce.
The American has lost nearly a point against a basket of foreign currencies and now totals 103,782 points.
In pre-open trading, it rose 0.71%, the index rose 0.69% and the Nasdaq 100 rose 0.88%.
