Federal Reserve Governor Christopher Waller said that he would be open to a 50 bps rate hike in December if inflation came in hotter than expected. That's what happened on Tuesday. The Bureau of Labor Statistics detailed that the Consumer Price Index climbed 0.4% last month, compared to the 0.3% expected by analysts. Core CPI , which excludes more volatile components like food and energy, also climbed 0.3%, compared to the 0.2% expected. Chances of a hike to the 4%-4.25% range stand at 98.8%, according to the CME Group's FedWatch tool. They clocked in at 84% before the report came in.
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