Slow Progress on Inflation


A sign highlighting the financing interest rate is displayed near the price sticker on an unsold 2023 vehicle at a Mercedes-Benz dealer on Thursday, Nov. 30, 2023, in Loveland, Colo. On Tuesday, the Labor Department issues its report on inflation at the consumer level in November. (AP Photo/David Zalubowski)
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(AURN News) – In a nuanced evaluation of the nation’s economic landscape, the Federal Reserve acknowledges slow but steady progress in curbing inflation. However, the impact of lower inflation on everyday Americans is still waiting to be felt. Federal Reserve Chair Jerome Powell emphasized this delicate balance during the recent Federal Open Market Committee meeting, where the decision was made to maintain interest rates at 5.25 to 5.5 percent.

“Recent indicators suggest that growth of economic activity has slowed substantially from the outsized pace seen in the third quarter,” Federal Reserve Chair Jerome Powell recently stated.

“Inflation has eased over the past year but remains above our longer-run goal of 2 percent,” he commented.

Despite the ongoing battle against inflation, several economic pillars stand firm. The job market, for instance, continues to display resilience, with a notable decrease in the unemployment rate reported a few weeks ago.

And as the nation anticipates 2024, a cloud of uncertainty looms over Wall Street and the rocky economic road ahead. The Fed’s ambitious target of a 2 percent inflation rate remains a central concern.

Click play to listen to the AURN News report from Jamie Jackson:

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