Baird investment strategy analyst Ross Mayfield said markets were trying to find a “logical place” to go “slowly” into 2023.
Inflation at the wholesale level rose more than expected in November, as prices for everyday necessities remain at multi-decade levels.
The Labor Department said on Friday that it will measure the producer price index wholesale inflation before reaching consumers, it increased by 0.3% in November compared to the previous month. On an annual basis, prices increased by 7.4 percent. That’s down from 8% in October and the lowest since May 2021.
Still, the figures were higher than Refinitiv’s economists’ headline reading of 7.2% and the 0.2% monthly revenue forecast, which is a worrisome sign for the company. Federal Reserve as it seeks to cool price increases and meet consumer demand with its most aggressive interest rate hike campaign since the 1980s.
Inflation at the wholesale level, excluding food, energy and trade services, rose 0.3% for the month – up from a 0.2% increase in October. Over the past 12 months, core prices have increased by 4.9%.
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