A very fine session on Wall Street, even if the indices closed in mixed order: while the Dow Jones stagnated, the S&P500 gained +0.82% to 6,084 (second best closing in history) and the Nasdaq soared +1.8% (double) to set a double 'intraday/close' absolute record at 20,033 and 20,055 (almost +2%).033 and 20,055 (almost +2%) thanks to a number of "technos" such as Nvidia (+3.2%), Broadcom (+6.7%) and above all Alphabet with a +5.4% rise (all-time high at around $195), followed by Tesla (+5.7% at $424).

The week's most eagerly-awaited figure - the CPI - was seen as a non-event this afternoon, but in the end was viewed positively: the absence of bad news is therefore 'good news'.

US inflation was thus in line with expectations at +2.7%, according to the Labor Department, up 0.1 points on October.

Excluding energy (-3.2%) and food (+2.4%), two traditionally volatile categories, the underlying annual inflation rate came out at 3.3% last month, a level also in line with economists' forecasts.
On a sequential basis, i.e. between October and November 2024, US consumer prices rose by 0.3%, both on a core basis and excluding energy and food.

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

Despite this sharp deterioration, the CME's FedWatch tool estimates that the markets consider the chances of the Fed making another rate cut within a week to be over 80%.

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