Producer inflation remained too high in November, but there were signs of progress below the surface. An interest-rate cut by the Federal Reserve at its Dec. 17-18 meeting remains all but assured. The producer price index jumped by 0.

Average mortgage rates surged to around 7% last month, but they've dropped recently, with markets betting that the Federal Reserve will reduce the federal funds rate on Dec. 18.

A key measure of U.S. wholesale inflation posted a small increase in November and probably added the final nail in the coffin in favor of a widely expected reduction in interest rates next week.