Charting the Global Economy: US Inflation Progress Stalls

US inflation is proving stubborn while consumer spending shows scant signs of any concerning slowdown, laying the groundwork for a more cautious approach to interest-rate cuts from the Federal Reserve.

Even though inflation has dropped notably over the past two years, the government’s October consumer price report underscored the challenge facing Fed officials: ensuring their policy actions support the labor market while guarding against a reacceleration of price pressures.