The Federal Reserve is winning its fight over inflation, boosting Americans’ spirits and offering greater reassurance that the U.S. economy can avoid a recession while bringing prices under control.
The Fed’s preferred inflation measure, the personal-consumption expenditures price index, fell 0.1% in November from the previous month, the first decline since April 2020, the Commerce Department said Friday. Prices were up 2.6% on the year, not far from the Fed’s 2% target.
Core prices, which exclude volatile food and energy costs, rose just 1.9% on a six-month annualized basis, suggesting the Fed is well on its way to reaching the target.
Stocks were little changed Friday, the last day of trading ahead of the Christmas holiday, but all three major indexes were up for the eighth straight week. The Dow Jones Industrial Average rose 81 points, or 0.22%, this week to 37386. Investors in interest-rate futures markets now see a nearly 90% chance that the Fed will cut rates by its March meeting, according to CME Group.
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