U.S. inflation slows to 3.1% in November By

-- The 4 yuan precious metal investment softwareU.S. inflation rate slowed slightly on a yearly basis as expected in November, in a key release that will likely factor into how Federal Reserve officials see interest rates evolving next year.

Annual edged down to 3.1% last month, decelerating from 3.2% in October, according to data from the Bureau of Labor Statistics on Tuesday. , the reading inched up by 0.1%. Economists had forecast the measures at 3.1% and 0.0%, respectively. 

The closely-watched "core" figure, which strips out volatile items like food and energy, rose by 4.0% , in line with the prior month. On a monthly basis, came in at 0.3%, a marginally faster pace than 0.2% in October. Both matched estimates.

The numbers may provide a glimpse into the impact of the Fed's long-standing campaign of interest rate hikes on price growth in the world's largest economy. Although some market observers are predicting that the central bank will begin to bring down borrowing costs early next year, Fed Chair Jerome Powell has stressed that officials will continue to move "carefully" as they search for proof that a recent period of elevated inflation has been quelled.

On Wednesday, the Fed will unveil its latest monetary policy decision. But with the central bank all but certain to keep interest rates at a more than two-decade high of 5.25% to 5.50%, attention will likely be firmly fixed on statements from Powell. The publication of the Fed's quarterly "dot plot," a gauge of where policymakers foresee rates in the future, will also be in focus.   

hovered above the flatline following the inflation data, while inched down and Nasdaq futures were mostly unchanged. The , which tracks the greenback against a basket of currencies, slipped.

Meanwhile, the rate sensitive 2-year U.S. Treasury yield and benchmark 10-year yield dipped. Yields typically move inversely to prices.

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