Rates inched higher Tuesday as the Fed began its two-day meeting to discuss monetary policy. This morning, the November Consumer Price Index (CPI) was unchanged, matching forecast, and was 0.5% higher than one year ago. The more closely-watched “Core” CPI, which excludes volatile food and energy components, rose 0.2%, in line with expectations, and was 2.0% higher than one year ago. The year-over-year Core CPI reading was the highest since May 2014 and matched the Fed’s target rate of inflation. Separately, the National Association of Home Builders housing index fell to 61, a bit lower than expected. No other key data will be released today. The Fed will issue a policy statement tomorrow at 2:00 PM.