US inflation likely edged up last month, though not enough to deter another Fed rate cut
Consumer prices are thought to have increased 2.7% in November from 12 months earlier, according to a survey of economists by the data provider FactSet, up from an annual figure of 2.6% in October. Excluding volatile food and energy costs, so-called core prices are expected to have risen 3.3% from a year earlier, the same as in the previous month.
The latest inflation figures are the final major piece of data that
The government will issue the November consumer price index at
Though inflation is now way below its peak of 9.1% in
Measured month to month, prices are believed to have risen 0.3% from October to November. That would be the biggest such increase since April. Core prices are expected to have increased 0.3%, too, for a fourth straight month. Among individual items, airline fares, used car prices and auto insurance costs are all thought to have accelerated in November.
Fed officials have made clear that they expect inflation to fluctuate along a bumpy path even as it gradually cools toward their target level. In speeches last week, several of the central bank's policymakers stressed their belief that with inflation having already fallen so far, it was no longer necessary to keep their benchmark rate quite as high.
Typically, the Fed cuts rates to try to stimulate the economy enough to maximize employment yet not so much as to drive inflation high. But the
But Chair
One possible threat to the Fed's efforts to keep inflation down is Trump's threat to impose widespread tariffs on
When the Fed's meeting ends Wednesday, it will not only announce its interest rate decision. The policymakers will also issue their latest quarterly projections for the economy and interest rates. In September, they projected four rate cuts for 2025. The officials will likely scale back that figure next week.
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