CPI Preview: A Core Print Above 0.3% Will Ice The Santa Rally

While it's not expected to be a major market mover (certainly not comparable to the shock CPI prints of 2022 and earlier this year), tomorrow's inflation print could lead to quite a few stop outs if it comes in hotter than expected.

• Headline CPI is expected to print unchanged in November (matching the 0.0% print in October), while core CPI is seen rising +0.3% M/M, a tad higher than the 0.2% October rise. Of note here are the outliers: UBS expects a 0.4% MoM print, while Scotiabank and Hamburg Commercial Bank are at 0.1% and -0.1% respectively.