The Fed is expected to say it will double the pace of its bond purchase taper, while also likely hinting at more aggressive rate hikes in 2022.

Initial filings for unemployment insurance totaled 184,000 for the week ended Dec. 4, the lowest going back to Sept. 6, 1969.

Wall Street expects the the CPI to reflect a 0.7% gain for the month, which would translate into a 6.7% increase from a year ago

Inflation is pushing up costs for housing, transportation and food, the largest expense categories for the average consumer.

Inflation accelerated at its fastest pace since 1982 in November, the Labor Department said Friday.

Calling inflation "transitory" was a historically bad move for the Federal Reserve, according to Allianz chief economic advisor Mohamed El-Erian.

Rents for single-family homes are soaring, as a pricey for-sale market keeps more potential buyers in rentals.

Retail sales rose 1.7% in October, both for all items and excluding autos. They both topped than estimates.

Builder sentiment rose to the highest level since May, as demand surges