Daily Market Update 12/17/14

Rates were little changed Wednesday ahead of this afternoon’s Fed announcement.  In economic news, the November Consumer Price Index (CPI) fell 0.3%, the largest monthly decline since December 2008.  Lower oil prices were the main factor.  Core CPI, which excludes volatile food and energy components, rose 0.1%, matching forecast.  The Fed will release a policy statement at 2:00 PM.  Fed Chairwoman Janet Yellen will hold a press conference at 2:30.

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