A very fine session on Wall Street, even if the indices closed in a mixed order: while the Dow Jones gave up 0.22% to 44,148, the S&P500 gained 0.82% to 6,084 (the second-best close in history) and the Nasdaq Composite soared 1.8% to set a double all-time 'intraday/close' record at 20,034 and 20,055 (almost +2%).034 and 20,055 (almost +2%) thanks to a number of "technos" such as Nvidia (+3.2%), Broadcom (+6.7%) and above all Alphabet (+5.4%, all-time high at $195), followed by Tesla (+5.7% at $424).

The week's most eagerly-awaited figure, the November consumer price index - which this afternoon appeared to be a non-event - was in fact viewed positively: the absence of bad news is therefore "good news".

US inflation came in as expected at +2.7%, up 0.1 points on October. Excluding energy and food, the underlying annual rate stood at 3.3% last month, also in line with consensus.

On a sequential basis, i.e. between October and November 2024, US consumer prices rose by 0.3%, both unadjusted and excluding energy and food.

US bond markets are reading the CPI a little less bullishly: the yield on 10-year Treasuries, the benchmark for borrowing costs in the US, is up +5.2 basis points to 4.275%, and the yield on 30-year Treasuries is up +7 bps to 4.477%.

Despite this sharp deterioration, according to CME's FedWatch tool, the markets estimate that there is more than an 80% chance that the Fed will cut rates again in a week's time.

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