Inflation in Check, Rates Remain Low

The Consumer Price Index (CPI) rose 0.4 percent in November, as expected, amid a jump in energy costs. Core prices, which exclude the volatile food and energy components, were flat.

This came after a report on Tuesday showed producer prices surged 1.8 percent last month.

The inflation readings were being closely watched ahead of today's Fed's decision on interest rates. The tame measurements of inflation enabled the Fed to hold rates at historic lows.

Separately, the Senate Banking Committee voted 16-7 to confirm Fed chairman Ben Bernanke for a second term.