The Consumer Price Index (CPI) report is set to release soon. It's an inflation gauge that looks at how prices urban consumers pay for certain goods and services change over time.

JPMorgan's trading desk gave a scenario outlook on how the market would respond to various monthly core CPI readings. The options market is pricing in a 0.7% move, either up or down, for the S&P 500, and a 1.6% move for the Russell 2000.

Sticker shock helped drive Americans to the polls last week. But according to Wednesday’s consumer-price index, there's a little relief in at least one corner of the grocery store. The a

CPI inflation rose to 2.6% in October, higher than the 2.4% in September, though in line with projections. There is an indication that the probability of a pause in rate cuts has risen.

The monthly increase in both the headline CPI and the core, which strips out food and energy, rose in line with economists’ forecasts. The headline was up 0.2% for the fourth straight month, while the core rose 0.3% for a third consecutive month. As has been the case for some time, housing drove most of the core CPI increase.

Forecasters had expected lingering inflation in October. How will the new numbers affect the next Federal Reserve decision on interest rates?

U.S. inflation ticked higher in October, but stable core price pressures and tame month-on-month gains prompted a sigh of relief on Wall Street and likely supported bets for an end-of-year interest rate cut from the Federal Reserve.

The consumer price index may show core inflation coming in on the high side again. That could slow Federal Reserve rate cuts and the S&P 500 Trump election rally.