Inflation Moderates in November, But Remains Stubbornly High
• Inflation rose 3.1% year-over-year in November, cooling from a peak above 9% in summer 2022 • Core inflation, excluding food and energy, held steady at 4% year-over-year • Housing costs continued to increase, signaling sticky inflation in services • Fed expected to leave interest rates unchanged at this week's meeting due to moderating inflation • Investors expect rate cuts in 2024, but policymakers are cautious about declaring victory against inflation