I'm Emily Wilkins here with my fellow Bloomberg government reporter Jack Fitzpatrick we are filling in today for Joe Matthew Well in just a few minutes we're gonna speak with congressman Mark pocan but first we're gonna get a market update with Doug listener Hey Emily so we had a focal point I think on two primary areas One the inflation report for the month of November this is retail inflation as reflected by CPI a very hot reading an annual increase last month of 6.8% That's the highest since about 1982 Curiously it was in line with estimates right and so maybe in the equity market a sigh of relief that we did not have a number or a reading at any rate that exceeded forecast The second focal point with this rally that we had in information technology after the blowout results from Oracle and Broadcom and those gains in infotech led the S&P 500 to a record high 4712 we were up about 1% on the day where the Dow is concerned again of a 6 tenths of 1% We had the NASDAQ composite rising by about 7 tenths of 1% Now the other key risk for markets obviously the omicron variant Today British health officials said they expected to become the dominant varied by the middle of this month and a new study in the UK finds boosters give protection against oma cron in a range of 70 to 75% efficacy Here in the states the first Democrat cases were detected mostly in vaccinated people they experienced mild illness the CDC reporting only one hospitalization and no deaths so far So now as we wrap up this week our focus is on the fed meeting next week and whether or not today's CPI data will have a meaningful impact on the fed's thinking Chair Jay Powell is already said policymakers should consider withdrawing stimulus at a faster pace Today the ten year treasury was down a little more than a basis point and yield We were last quoted in New York at a yield of 1.48% I'm Doug prisoner and that is the Bloomberg business flash Thank you.