World shares mixed before updates on spending, durable goods
Futures for the Dow and S&P briefly shot up after the report was released, but are now down about 0.2% just minutes before the opening bell. Friday's report from the government showed that prices rose 5.5% in November from a year earlier, down from a revised 6.1% increase in October and the smallest gain since October 2021. The Federal Reserve, which has raised interest rates seven times this year, monitors the report closely.
Last week, the central bank boosted its benchmark rate a half-point to a range of 4.25% to 4.5%, its highest level in 15 years. More surprisingly, the policymakers forecast that their key short-term rate will reach a range of 5% to 5.25% by the end of 2023. That suggests that the Fed is poised to raise its rate by an additional three-quarters of a point and leave it there through next year. That has many economists and investors expecting the U.S. economy to fall into recession in 2023.
"Inflation edged up in November and will peak at around 4% around the turn of the year, but we expect it to fall back below the Bank of Japan's 2% target by mid-2023," Capital Economics economist Marcel Thieliant said in a report.
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