Tonight's data will be the last key inflation report before the Federal Reserve's December meeting, with a significant impact on policy expectations:

Data Performance Possible Market Reactions
CPI Year-over-Year ≥3.3% The market may reprice Fed rate cut expectations being delayed, the dollar strengthens, and stocks and bonds come under pressure
CPI Year-over-Year 3.0%-3.2% In line with expectations, limited impact on the market, high probability that the Fed will maintain its current policy path
CPI Year-over-Year ≤2.8% May reinforce market expectations for a Fed rate cut, the dollar weakens, and risk assets may rise