Central banks in developed economies have essentially ended their rate hike campaigns and are moving to shape expectations for synchronized rate cuts that should begin in the first half of 2024.
November had a 0.4% increase in nominal income and spending, while inflation-adjusted spending advanced at a 0.3% pace, according to Commerce Department data on Friday.
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Inflation continued to abate in November as energy prices declined by 2.3% and gasoline prices dropped by 6%, resulting in a 0.1% monthly advance in the CPI.
After nearly two years of raising the federal funds policy rate to restore price stability, the Federal Reserve is poised to all but declare that campaign to be over at its meeting next week.