Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.

Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kintanao with Jim Kramer. Who's back, David Faber, post-9 of the New York Stock Exchange. Big morning. Future slipped from the highs, but they hold gains as November CPI comes in mostly in line. Headline runs a 10th hot. year on year falls to 3-1 ahead of the Fed decision tomorrow.

Our roadmap begins with stocks holding at highs of the year after that key

inflation read. What does it mean for Fed rate cut expectations? Plus call at Hasbro's

holiday humbug. It's cutting nearly 20% of its workforce and saying the challenging conditions are expected to persist into next year.

And speaking of cuts, Ford cutting F-150, reversing cutting production plans in half.

The company is saying it's matching with customer demand in terms of those cuts.

Let's begin with market reaction to CPI on day one of that Fed meeting.

Jim, Core was 0.3, but actually 0.28.

I got a little uptick on used cars, which people might be looking past.

Use cars are up 50% since 2019.

Housing is up 40% since 2019. Housing is up 40% since 2019.

The only times that we've had sustained double-digit increases

in the price of food is during COVID.

You don't have a big drop in price of food at all.

As a matter of fact, food away from Monroe's.4.

So there'll be people who want to celebrate and say that this is enough for J-Pal.

It's actually not at all enough. And I think that what you're, you have to have some

rollback from the highest prices ever. And David, I think that people don't realize how much

damage was done to the working person during COVID.

So when you have these numbers that are not up as much as we expected, I say, well, wait a second.

How about down?

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