Inflation slowed in November to 7.1% from a year ago, down sharply from the decades-high 9.1% increase in June. However, inflation still remains significantly higher than the Federal Reserve’s target inflation rate.
Moreover, the Fed is widely expected to raise its benchmark rate by a half-point on Wednesday. Economists have warned that the central bank’s aggressive rate hike regime could tip the U.S. economy into a recession next year.
