The CPI report Wednesday is expected to show that progress on inflation has hit a wall
The consumer price index is expected to show a 2.7% 12-month inflation rate for November, up one-tenth of a percentage point from October. Core CPI is forecast at 3.3%, or unchanged from October. Traders in futures markets nevertheless are placing huge odds that policymakers again will cut their benchmark short-term borrowing rate by a quarter of a percentage point.