US Stocks posted their best week since last February with the S&P 500 reaching a new all-time-high.
According to the Labor Department Inflation accelerated at its fastest pace since 1982 in November, putting pressure on the economic recovery and raising the stakes for the Federal Reserve. The consumer price index, which measures the cost of a wide-ranging basket of goods and services, rose 0.8% in November, good for a 6.8% pace on a year over year basis and the fastest rate since June 1982. This will undoubtably put pressure on the Federal Reserve which meets this week and announces their plans for interest rates and monetary policy. The markets will be watching closely on Wednesday for indications about how soon they might raise interest rates.
The University of Michigan's preliminary take on current month Consumer Sentiment showed the consumer's mood brightening. The index's December reading unexpectedly gained 3 points to a print of 70.4, moving in the opposite direction than economists predicted. What was most interesting, was the substantially brightened mood among the survey's lowest-earning respondents