Oil Just Crashed 16% in a Week. The Fed May Hike Anyway. Tuesday's CPI Decides the Story.

Brent fell more than 16% in a week and gasoline is heading toward $4. But December rate-hike odds still sit near 80%. Here is what to watch before Tuesday's inflation report — and what it means for your wallet.

By Clara Hughes

Two forces are pulling on American family budgets in opposite directions this weekend, and Tuesday morning's inflation report will help decide which one wins. The first is good news at the pump. Brent crude, the global benchmark, fell more than 16% for the week ended Friday, settling at $98.32 a barrel, while U.S. West Texas Intermediate lost nearly 13% to settle at $90.83, CNBC reported. Gasoline followed. The national average for regular fell for a 14th straight day Saturday to about $4.04 a gallon, per the Automobile Club of Southern California's tally reported by MyNewsLA. The second is a Federal Reserve that still looks ready to raise interest rates. After Friday's stronger-than-expected jobs report, traders put the odds of a quarter-point hike at the Fed's Dec. 8–9 meeting at 76.8%, according to CME Group's FedWatch tool cited by CNBC. Reuters put market pricing at about 80%. Cheaper gas and costlier borrowing at the same time. That is the setup heading into