Inflation eases as November prices dip 0.1 percent
The Commerce Department reports the Fed preferred inflation gauge fell 0.1 percent in November from October, with annual CPI up 2.6 percent. Core inflation rose 0.1 percent month over month, signaling progress toward 2 percent, potentially easing loan rates in 2024. Mortgage rates fell to 6.67 percent, while prices for groceries, travel, and furniture show broad declines.
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Federal Reserve
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Niladri “Neel” Mukherjee
TIAA
Wall Street edges toward highs after eighth straight winning week
Wall Street finished the week with gains as the S&P 500 rose 0.2 percent and the Nasdaq gained 0.2 percent while the Dow slipped 18 points. Bristol Myers Squibb surged 2 percent on news of a $14 billion cash purchase of Karma Therapeutics, offsetting Nike’s 11.8 percent drop after a weaker revenue forecast. Inflation cooled further with the PCE price index at 2.6 percent in November and consumer spending and income rising, fueling expectations the Fed may cut rates next year.
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Haley narrows gap with Trump in New Hampshire poll
Nikki Haley rises to 29 percent in a Fox News New Hampshire survey, four points behind Donald Trump at 33 percent. Chris Christie stands third with 13 percent, Ron DeSantis six percent, Vivek Ramaswamy five percent, as Haley gains after Gov. Sununu’s endorsement amid a two person race dynamic.
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Biden pardons thousands in marijuana possession cases nationwide
President Biden pardons thousands convicted of marijuana use or simple possession on federal land and in DC, broadening grounds for clemency and aiding housing and employment, while 11 cases of long nonviolent drug sentences receive relief. No federal inmates are released, and eligible individuals must apply for certificates of pardon through the Justice Department.
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