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Investors brace for the highest inflation reading in nearly 40 years
  • Wall Street expects the the consumer price index on Friday to reflect a 0.7% gain for November, which would translate into a 6.7% increase from a year ago.
  • If that is accurate, it will mark the highest year over year level since 1982.
  • Though markets expect a high reading, investors worry that the Fed might react aggressively to one that is even above consensus.
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If the consensus is correct, the last time inflation was this high was in the early years of the Reagan administration – as the U.S. found itself amid a steep and persistent recession.

The Labor Department on Friday morning will release November’s consumer price index, a gauge that measures the cost of dozens of items. The index covers common goods including gasoline and ground beef, but extends into more detailed purchases such as frozen vegetables, indoor plants and flowers and pet supplies.

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