What to expect from Friday's Consumer Price Index report

By the numbers: Consensus estimates among economists call for the core Consumer Price Index, which measures the price of goods and services excluding food and energy, to have risen by 0.4% in November from October.

• That compares to the 0.6% hike seen in October, and September’s 0.2% uptick.

What they’re saying: A group of top economists have ramped up their inflation expectations in recent months, and downgraded their forecasts for U.S. economic growth in 2021, according to a new NABE Outlook survey released Monday.

• "Nearly three-fourths of respondents — 71% — anticipate that the Federal Reserve's preferred gauge of inflation, the change in the core PCE price index, will not cool down to or below the Fed’s target of 2% year-over-year until the second half of 2023 or later," said NABE vice president Julia Coronado, in a statement.

The bottom line: The Fed has already reversed course on its stance that higher prices would be temporary and that admission may change the central bank's view on its policies.