Traders see another rate in December as likely after consumer and wholesale inflation this week were in line with expectations.

U.S. stocks drifted to a mixed finish after the latest inflation update boosted hopes that more help for the economy will arrive next month from another cut to interest rates

Core CPI, which excludes food and energy costs and is considered a better indicator of future prices, also matched estimates. The gauge increased 0.3% in October, or the same rate seen in August and September. Annual core CPI advanced 3.3% to meet the consensus estimate.

Inflation accelerated slightly for the month of October, sparking concern the Fed could pause its interest rate-cutting cycle in January.

Inflation was in-line with expectations, leading investors to solidify bets for another quarter-point Fed rate cut in December.