Inflation data appear to have cemented the market’s view of a quarter-point rate cut next week, but beyond that they have provided little clarity. Traders now see a 99% chance of a cut on Dec.18, up from 71% a week ago,

New inflation data out Wednesday showed consumer prices rose as forecast in November, keeping the Federal Reserve on track to lower interest rates again in December. The latest data from the Bureau of Labor Statistics showed that the Consumer Price Index (CPI) increased 2.

Inflation is moving in the wrong direction. U.S. inflation picked up for a second straight month in November on a rise in food and gasoline prices, underscoring that the final stretch of the Federal Reserve's two-year battle against sharply rising prices has become more challenging.