CPI counted 7.1% in November from a year ago. Analysts had on average expected the figure to land at 7.3%, according to Bloomberg's compilation.
The Inflation rate is moving downwards, raising hopes that the Federal Reserve will come up with a slightly milder interest rate hike on Wednesday evening. Much is determined by what the FOMC members say about the rate setting in 2023. A 0.5% point hike is anticipated to be announced on Wednesday, raising rates to a range between 4.25% and 4.5%, the highest level since December 2007.
The initial rush after the announcement wore off, but after being down and turning red a few times, the Dow Jones finally rose, 0.3%. The Nasdaq advanced 1%, and the S&P 500 rose 0.7%.
After increasing by 6.3% in October, the core CPI, which excludes volatile energy and food prices, increased by 6% in November. The increase in September of 6.6% was the highest since August 1982.
The Student Investment Fund gained 1/2% to 6.76mm, trailing the S&P benchmark in the day, but still ahed of the benchmark YTD.