Benzinga - by Piero Cingari, Benzinga Staff Writer.
Few events capture as much attention and anticipation as the monthly inflation report, with investors scrutinizing these figures to gauge future interest rate decisions and guide portfolio adjustments.
Rarely does an economic announcement hold as much significance as this Tuesday’s U.S. Consumer Price Index (CPI) data for November, particularly as it aligns with the commencement of the Federal Reserve’s final meeting of the year.
Economists have cast their forecasts with the median projection showing a marginal decrease in the annual CPI inflation rate from October’s 3.2% to 3.1% for November. The core CPI rate, a critical measure excluding the often volatile food and energy prices, is expected to hold steady at 4% year on year.
The October inflation data, which hit the newsstands on Nov. 14, came with its share of surprises, leading to pronounced market movements. It reported a year-on-year inflation rate of 3.2%, modestly below September’s 3.7% and slightly under the predicted 3.3%. The core inflation rate stood firm at 4% year-on-year, a tad lower than the anticipated 4.1%.
This data sparked notable market reactions:
- The SPDR S&P 500 ETF Trust (NYSE:SPY) saw a 1.9% uplift.
- Invesco QQQ Trust (NASDAQ:QQQ) experienced a 2.1% increase.
- iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) enjoyed a 2.3% jump.
- In contrast, the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), tracking the U.S. dollar, dipped by 1.6%.
Best-Performing ETFs On October CPI Data
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