The Labor Department on Wednesday reported that consumer prices in October rose 2.6% from a year earlier. That marks a pickup in the pace of inflation from September, when prices were up 2.4% on the year.

October inflation readings out this week have shown little progress toward the Fed's two percent inflation target, putting into question how deeply the Federal Reserve will cut interest rates in 2025.

Economists expect the Fed to announce another quarter-point rate cut in December, after a quarter-point reduction last week and half-point cut in September.