Inflation Relief Checks: summary news 1 December

Better than expected inflation numbers as Fed prepares for next rate hike move

The Bureau of Economic Analysis released October’s Personal Consumption Expenditures price index (PCE) on Thursday and it was lower than expected. The key measure of consumer prices, the Federal Reserve’s preferred inflation gauge, showed that inflationary presssures have slowed.

The PCE rose 6% in October, down from the upwardly revised 6.3% the month before. Federal Reserve policymakers are set to meet in two weeks to decide on the next rate hike. Chairman Jerome Powell said that they were considering smaller rate hikes starting this month.

The central bank has been raising rates since March, with the last four consecutive three-quarter percentage point hikes to tame inflation.


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