The 0.31% m/m increase in core CPI in November, which left the annual core inflation rate unchanged at 3.3% for a fourth month in a row and pushed the three-month annualised rate up to an eight-month high of 3.7%, is a little disconcerting. But we don’t expect it to persuade the Fed to skip another 25bp rate cut at next week’s FOMC meeting.
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