U.S. consumer prices increased solidly in November, which together with labor ma...
WASHINGTON - U.S. consumer prices increased solidly in November, which together with labor market strength could support the Federal Reserve’s intention to keep interest rates steady indefinitely after reducing borrowing costs three times this year.
The U.S. central bank held rates unchanged on Wednesday amid expectations the economy will continue to grow moderately next year and unemployment remain low. The Fed again signaled a pause in the easing cycle that started in July when it cut rates for the first time since 2008. Economists polled by Reuters had forecast the CPI climbing 0.2% in November and rising 2.0% on a year-on-year basis.
The dollar was steady against a basket of currencies, while U.S. Treasury prices rose. Stocks on Wall Street were trading slightly higher.November’s firmer inflation readings followed a report last Friday showing the economy added a robust 266,000 jobs in November and the unemployment rate fell back to 3.5%, its lowest level in nearly half a century.
The cost of core services rose 0.3% after increasing 0.2% in October. Owners’ equivalent rent of primary residence, which is what a homeowner would pay to rent or receive from renting a home, increased 0.2% last month, matching October’s rise.
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