6 sources·Business

November Inflation Data Shows Modest Increase, Fed Adjusts Rate Cut Forecasts

November inflation indicates only a slight rise, with Fed officials lowering expected interest rate cuts due to persistent inflation concerns.

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Updated: Dec 20th, 2024, 3:54 PM ET

Summary

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A report from the Commerce Department revealed that inflation rose 0.1% in November, maintaining an annual rate of 2.4%, above the Fed's target. Core inflation remained steady at 2.8%. Consumer spending grew by 0.4%, slightly below expectations. Following the latest inflation data, the Fed revised its 2025 rate cut projections from four to two, citing ongoing inflation challenges. While the benchmark rate was lowered to between 4.25%-4.5%, Fed Chair Jerome Powell emphasized the need for cautious progress on inflation before further cuts are considered.

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