Consumer Price Index showed an acceleration to 2.9%, the highest rate since July. With such high inflation, the Fed is unlikely to cut rates in January.

Managing partner and Chief Investment Officer of the Armstrong Advisory Group, Chuck Zodda breaks down this week's financial news including the CPI Inflation report.

Federal Reserve Bank of Richmond President Tom Barkin said fresh inflation data show the central bank continues to see progress on lowering inflation toward its 2% goal, but that interest rates should remain restrictive.