E-mini S&P 500 futures rallied to end the week, making a new all-time high at 6,840 and closing at a new all-time high of 6,825. This rally, which has seen stocks move higher by about 4% since last Friday's lows, was buoyed by a "Fed friendly" Consumer Price Index (CPI) report. The CPI print, delayed from October 15, helped assure markets that a 25 basis point rate cut is almost certainly in play at next week's Federal Open Market Committee (FOMC) meeting. Better-than-expected corporate earnings also contributed to the move higher. As the index rallied, volatility moved inversely and declined, ending the week just above the month-to-date lows. Looking ahead, the highlight of the week will be the FOMC meeting and the post-meeting press conference with the Federal Reserve Chair. The market is also expecting another 25 basis point rate cut later in December. Other scheduled releases for next week include home prices and continued corporate earnings reports.