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Armed with consumer and wholesale inflation reports, Wall Street economists predict the Federal Reserve’s favorite price gauge will show just a mild increase in November and justify an interest-rate cut.

Inflation data appear to have cemented the market’s view of a quarter-point rate cut next week, but beyond that they have provided little clarity. Traders now see a 99% chance of a cut on Dec.18, up from 71% a week ago,

"At present, I lean toward supporting a cut to the policy rate at our December meeting," Christopher Waller, a Federal Reserve governor, said Monday.

A falling-interest-rate environment is generally a positive catalyst for the stock market. With lower rates from risk-free investments such as CDs, more money rotates into riskier assets like stocks. Plus, lower borrowing costs make people more comfortable with spending money, leading to increased economic activity.

U.S. stocks were mostly higher during Wednesday's history-making session, as an in-line consumer inflation report solidified expectations of another quarter-point rate cut by the Federal Reserve next week.

Americans still expect sticky inflation in the coming years. Economists and market commentators across the board expect the Federal Reserve to lower interest rates by 25 basis points on December 18, yet it’s difficult to decipher whether recent economic data justify the move.