Solid Labor Market, Rising Inflation Assuring to FOMC: Chart

Economic data this month have been consistent with the assessment laid out by Federal Reserve policy makers at the conclusion of their Nov. 1-2 meeting. A pickup in wage growth, steady household spending and inflation approaching the Fed’s 2 percent goal explain why financial markets anticipate the Fed will raise its benchmark interest rate in mid-December. On Wednesday, minutes of the policy makers’ November meeting will shed more light on the Fed’s intentions.

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