US inflation ticked up to 2.7 per cent last month, matching Wall Street’s forecasts and clearing the way for an expected Federal Reserve rate cut next week.
Wednesday’s data from the Bureau of Labor Statistics was in line with the expectations of economists polled by Bloomberg. But it was higher than the 2.6 per cent rate in October, which itself marked an increase on the previous month.
Market pricing indicated that investors now assign a 98 per cent probability to a quarter-point rate cut in December, up from less than 90 per cent before the release of the latest inflation figures.
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