With interest rates, for example, some short-term rates have been trending downward, such as with the Federal Reserve starting to cut the federal funds rate. Meanwhile long-term ones such as 10-year Treasuries or 30-year mortgages have remained relatively high or even increased in recent months.

The dollar rose to its highest in more than two weeks against a basket of currencies. This came after stronger-than-expected U.S. producer price data on Thursday dampened prospects of U.S. interest-rate cuts,

Investors view it as a near given that the U.S. Federal Reserve will cut interest rates by a quarter of a percentage point at its Dec. 17-18 meeting, with more attention focused on policymakers' new economic projections released alongside the decision.

The U.S. economy is in a pretty good place, and Fed officials don’t want to see restrictive monetary policy stall out growth.

Consumer inflation accelerated in November to 2.7% from 2.6% and core CPI was sticky at 3.3%. But a December Fed rate cut still looks like a sure thing.

Consumer prices rose 2.7% in November compared to a year ago, ticking upward from the previous month and potentially giving pause to the Federal Reserve as it weighs an interest rate cut expected next week.