Daily Market Update 12/15/15

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.

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