The final U.S. consumer inflation report of the year on Wednesday cemented expectations for another quarter-point rate cut by the Federal Reserve's monetary policy committee next week. The headline and core consumer price index (CPI) for November came in-line with consensus estimates,

Inflation in November rose modestly, with housing costs continuing to be a major factor in price increases. However, the Fed is expected to proceed with an interest rate cut next week.

The Federal Open Market Committee is most likely to cut interest rates again on December 18 to 4.25% to 4.5%, according to fixed income markets.