CNBC Daily Open: Best not to put too much stock in U.S. CPI report for November

The U.S. ostentation numbers successful November looked supremely encouraging, with the yearly header complaint coming successful 0.4 percent points little than expected. But don't get excessively blessed astir them yet.

It's the archetypal user terms study released by the Bureau of Labor Statistics since the U.S. authorities shutdown ended: October's figures vanished into the void due to the fact that the bureau was "unable to retroactively cod these data."

The BLS added that November's CPI "did not see 1-month percent changes for November 2025 wherever the October 2025 information are missing." It besides said that definite survey information were "carried guardant to October 2025 from September 2025."

Evercore ISI's Krishna Guha said it appears the BLS "put successful zero ostentation successful aggregate categories" erstwhile calculating lodging ostentation successful immoderate cities.

In different words, it's a noisy report. Federal Reserve Chair Jerome Powell erstwhile described mounting involvement rates arsenic "navigating by the stars nether cloudy skies." With November's CPI report, the stars aren't conscionable obscured by clouds — they could beryllium mirages, unidentified flying objects, a seagull that picked up an LED airy from the beach.

Nonetheless, investors celebrated the numbers. The CPI report, on with a 10.2% surge successful Micron shares connected the backmost of an expectation-busting net report, lifted large indexes.

Perhaps it's the holidays suffusing the aerial with unbridled cheer. Or possibly it's each alternatively similar having a feast during Christmas — the calories lone number successful the caller year.

— CNBC's Sean Conlon contributed to this report.