The falling price of crude oil continues to weigh on inflation measures even as it fuels purchasing power. The Consumer Price Index was unchanged in November, following a 0.20% gain in October. Core CPI advanced 2.00% YoY following a 1.90% rise prior. Energy costs declined 1.30%, Food prices fell 0.10%, and Prices of all goods decreased 2.80%. Empire Manufacturing fell less than expected, posting -4.59 vs. -10.74 prior (consensus -7.00). Today begins the two day Fed meeting and tomorrow they release their statement followed by a Q&A with Yellen. Treasuries are lower this morning as we head into the FOMC, and the curve has steepened with 2s10s up 1.8 bps.
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