The majority of central banks around the world have announced rising interest rates, which have nicely complemented rising inflation numbers. Consumers have found the tough stance of most governments to be strenuous.
Consumer Price Index (CPI) data for November has been released by the U.S. Bureau of Labor Statistics today at 8:00 a.m. Eastern Time. The CPI for November is 7.1%. The figures show that inflation has cooled down. The CPI figures for November are lower than those for October, which were 7.7%.
The CPI figures for November also portray a 7.1% increase over the previous year and a 0.1% increase over the month. The CPI numbers are also lower than the expert-predicted 7.3%.
Will the Fed pump the brakes on hiking interest rates?
The heavy interest rate hikes by the Fed finally seem to be paying off. As analysts look forward to the last meeting by the Fed for 2022, the Fed is likely to cool down on its interest rate hikes. Economists predict the Fed will hike interest rates by half a percentage point when the meeting ends on Wednesday.
The cryptocurrency market, which has been slumping over the past two days, has waved the green flag. Major cryptocurrencies, including Bitcoin and Ethereum, have spiked by 5.3% and 6.9%, respectively. The market that was trading in the red has spread greenery.