Apparently, it took a day for investors to fully digest and react to yesterday’s FOMC statement and updated economic projections for 2023 – 2025.

As expected, the Fed announced its decision to raise its benchmark rate by 50-bps. This takes the central bank’s “Fed funds” rate to between 425 - 450 bps (4 ¼% - 4 ½%).

Today the U.S. Bureau of Labor Statistics released the CPI index report for November. The report showed that inflation remains elevated above 7%, but has declined substantially, coming in at 7.1% year-over-year in November.