Inflation rises 2.9% in 2024 as consumer prices heat up heading into 2025
Inflation continued to head in the wrong direction in December. Consumer prices rose 2.9% on the year, hotter than the 2.7% rise in November.
On the month, prices rose 0.4%, the highest monthly rise since February. In November, prices rose 0.3%.
It’s the third month in a row the key inflation gauge rose. It’s now at its highest point since July, according to Bureau of Labor Statistics data.
Experts believe the December rise in prices is fueled by higher food and energy costs. The energy index rose 2.6% on the month but is still down 0.5% on the year, while food is up 0.3% on the month and 2.5% on the year. Food prices are up about 25% over the past five years.
Core inflation, which strips out the more volatile food and energy indexes, came in slightly cooler than expected at 3.2% on the year, after several months at 3.3%. On the month, core prices rose 0.2%. Core inflation has not fallen below 3.2% since April 2021.
After peaking at 9% in June 2022, overall consumer prices started their long descent toward the Federal Reserve’s 2% inflation target. The Fed raised its benchmark interest rate to the highest level seen in decades to restrict the money supply and depress inflation.
In September, consumer price inflation reached 2.4%, but since then has climbed in the opposite direction.
“While we do not believe progress in the fight against inflation is going into reverse, we do see it stalling this year as earlier tailwinds to disinflation from supply chain improvements and lower commodity prices have faded and as fresh headwinds from trade policy are likely to emerge,” Wells Fargo economists Sarah House and Aubrey Woessner wrote in a note previewing the December report.
New trade and immigration policies from the incoming Trump administration are also Federal Open Market Committee member minds. The committee sets the Fed’s rate.
In December, members projected overall inflation will increase slightly in 2025, while core inflation will decrease.
“Almost all participants judged that upside risks to the inflation outlook had increased,” minutes from the meeting read. “As reasons for this judgment, participants cited recent stronger-than-expected readings on inflation and the likely effects of potential changes in trade and immigration policy.”
In that December meeting, members still forecast two interest rate cuts in 2025. However, probability markets are penciling in just one cut in July as of Wednesday morning.
The latest consumer inflation report follows last week’s jobs report. It showed the U.S. economy added 256,000 jobs in December, roughly 100,000 more than expected.
US economy wows with 256,000 jobs added in December, more than expected
The U.S. economy added 256,000 jobs in December, roughly 100,000 jobs more than expected. The unemployment rate ticked down to 4.1% from November’s 4.2%.
In December, retail trade added 43,000 jobs, while it lost 29,000 jobs in November. Health care, government and social assistance, along with leisure and hospitality, all saw double-digit gains as well.
While the country saw a rise in unemployment earlier in 2024, the Bureau of Labor Statistics said the unemployment rate has held steady at 4.1% or 4.2% for the past seven months.
“I continue to believe that the U.S. economy is on a solid footing,” Federal Reserve Governor Christopher Waller said earlier this week. “I have seen nothing in the data or forecasts that suggests the labor market will dramatically weaken over coming months.”
Labor market weakness is what triggered the Federal Reserve to start cutting its benchmark interest rate in September, even as progress on inflation stalled. After a jumbo-sized 50-basis-point cut, the Fed made two more 25-basis-point cuts to close out the year, dropping the federal funds target range to 4.25% to 4.5%, a full percentage point below its 2024 peak.
However, as the labor market showed renewed resilience, inflation started to rise. Consumer prices rose 2.7% for the year ending in November, after rising 2.6% in October and 2.4% in September.
“This minimal further progress has led to calls to slow or stop reducing the policy rate,” Waller said Wednesday, Jan. 8. “However, I believe that inflation will continue to make progress toward our 2% goal over the medium term and that further reductions will be appropriate.”
In December, the Fed released its latest economic projections, which forecast just two cuts in 2025, down from the previous forecast of four. In response, interest rate expectations rose.
This week, the average rate of a 30-year mortgage hit 6.93%, the highest level since July, and nearly a full percentage point higher than when the Fed started cutting its rate in September.
Why are mortgage rates going up while the Fed is cutting rates? Watch this video.
On Thursday, Jan. 9, the probability market had the Fed holding rates steady until June. It was split on whether the Fed would do a second cut in December or hold steady at one cut for the year.
Minutes released this week from the Fed’s last meeting revealed added concern about inflation. Without naming President-elect Donald Trump or his tariff and immigration policies, the Federal Open Market Committee multiple times brought up the unknown impact those policies might have on the economy.
“Almost all participants judged that upside risks to the inflation outlook had increased,” the minutes read. “As reasons for this judgment, participants cited recent stronger-than-expected readings on inflation and the likely effects of potential changes in trade and immigration policy.”
Why mortgage rates are going up while the Fed is cutting rates
Prospective home buyers who thought the Federal Reserve’s rate-cutting cycle would relieve high mortgage rates were in for a rude awakening in 2024. Since the date of the Fed’s first cut in September, the rate on a 30-year fixed mortgage has gone up nearly a full percentage point, even though the Fed has cut two more times since then.
The average 30-year fixed mortgage rate started 2025 at 6.91%, up from 6.09% when the Fed first cut in September, according to Freddie Mac.
“People have been saying, ‘Look, I’ll wait until the Fed cuts interest rates and then I’ll get a better mortgage rate. And we’ve seen exactly the opposite,” Bright MLS Chief Economist Lisa Sturtevant told Straight Arrow News.
Sturtevant said a key reason for this phenomenon is the mortgage market is reacting to expectations as opposed to actions.
“Mortgage rates had been following from the beginning of July all the way through the rate cut in September – the Fed had been telegraphing that they were going to do that rate cut in September – so it was already baked in,” she explained.
I think we are in a new normal where the mid-sixes is going to be a good mortgage rate.
Lisa Sturtevant, Bright MLS Chief Economist
But although the Fed would proceed to cut rates two more times before the end of the year, the committee signaled in December that they were less optimistic about the inflation track in 2025. They downgraded their forecast from four cuts in 2025 to just two.
“So mortgage rates rose on account of that information, as opposed to the rate cut itself,” Sturtevant said.
While many homeowners jumped on the opportunity to lock in a rate of around 6% in September, many more missed the boat. Sturtevant said those homeowner hopefuls will be ready to act quickly with any downward movement. But will rates only rise from here?
“I don’t think we’re going to get to 8% for sure,” Sturtevant said, responding to reports warning of that possibility. “I think we are in a new normal where the mid-sixes is going to be a good mortgage rate. And for some people, that’s hard to swallow, since during the pandemic, we saw rates down around 3%.
“But actually, over the last 50 years, the average rate on a 30-year fixed has been about 7.5%,” she continued. “So we’re not high by historical standards. We’re just high by what people had come to expect during the pandemic.”
The average 30-year fixed mortgage rate bottomed out at around 2.65% in January 2021. The post-pandemic peak hit 7.79% in October 2023.
Mortgage rates are more closely tied to the 10-year Treasury, which is a more reliable indicator to consider when predicting where mortgage rates are heading.
“We spent a lot of time wringing our hands and thinking about what the Federal Reserve is going to do, but the Fed is reacting to economic data, and that is what we should be looking at when we want to think about where mortgage rates are headed,” Sturtevant said.
Sturtevant recommended paying attention to the 10-year Treasury, inflation, the labor market and consumer confidence.
Credit card defaults jump to highest level since 2010: Report
According to the credit rating agency TransUnion, the average American has about $6,300 in credit card debt. Now, a report shows that credit card defaults are rising as family budgets can’t keep up with expenses and the cost of living.
According to the Financial Times, during the first nine months of 2024, lenders were forced to write off $46 billion in delinquent credit card balances. Officials said that’s a 50% jump from 2023 and the highest rate since 2010.
Making matters worse, Moody’s Analytics reports that people who earn at the bottom third of the income ladder are tapped out and now have zero savings.
The New York Federal Reserve released figures showing that credit card debt in September reached $1.17 trillion, the highest level in Fed data-keeping. Household debt, including mortgages, car loans and student loans reached close to $18 trillion, another record. Analysts say some of that is due to inflation and higher interest rates.
As January rolls in, so do the holiday spending bills. Lending Tree says more than one-third of Americans took on additional debt this holiday season, racking up an average of $1,181 in credit card spending.
Government shutdown looms as House votes against latest funding bill
A government shutdown looms nearer after the House rejected a bill that would have kept it funded into March. And drones are now banned in parts of New York and New Jersey after a spate of mysterious sightings. These stories and more highlight your Unbiased Updates for Friday, Dec. 20, 2024.
House votes against latest stopgap bill aimed to avoid government shutdown
The House rejected a stopgap bill Thursday, Dec. 19, that would have kept the government running. The vote came ahead of a potential shutdown starting at midnight Saturday, Dec. 21, when lawmakers head home for the holidays.
The bill fell short of the needed two-thirds majority to speed up its passage. More than three dozen Republicans joined 197 Democrats in voting against it. Republicans split with each other on how the bill handles government spending.
“Three hundred and thirty billion dollars. Congratulations. You’ve added to the debt since you were given the majority again on Nov. 5,” Rep. Chip Roy, R-Texas, said.
Roy voted against the bill.
He added, “It’s embarrassing. It’s shameful. Yes, I think this bill is better than it was yesterday in certain respects. But to take this bill, to take this bill yesterday and congratulate yourself because it’s shorter in pages but increases the debt by $5 trillion, is asinine.”
Meanwhile, Rep. Anna Paulina Luna, R-Fla., said on the House floor, “The deal on the table will keep the government open for the American people and if you guys so choose to shut it down, it will be on you but not the Republican Party.”
She added, “We will not be going back to the table. This deal stands as it is. So let you go back home on Christmas and explain to your people why you shut down the government because we won’t be doing it.”
The latest spending bill, known as a continuing resolution, is a quickly amended bill tailored to the liking of President-elect Donald Trump and his top ally Elon Musk.
Musk postedrepeatedlyonX condemning the original bill. House Speaker Mike Johnson, R-La., worked on it with bipartisan support from Republicans and Democrats.
However, when both Musk and Trump opposed the bill, that guaranteed most House Republicans would vote against it and forced Johnson to craft a new bill.
Now, there are two conflicting interests. Musk wants major government spending cuts, and while Trump agrees, he also wants to permanently suspend the debt ceiling.
The new plan lifts the debt limit, leading Trump to support the bill in a Truth Social post.
“Now we can Make America Great Again, very quickly, which is what the People gave us a mandate to accomplish,” Trump posted.
But Democrats attacked the bill over what spending Republicans chose to cut.
“The Musk-Johnson proposal is not serious, it’s laughable,” said House Minority Leader Rep. Hakeem Jeffries, D-N.Y. “Extreme MAGA Republicans are driving us to a government shutdown.”
The bill removed funding for a bipartisan program for pediatric cancer research, studying genetic conditions like Down syndrome and treatment options for sickle cell disease as well as cancers.
It will be on Johnson to craft a bill to secure votes from the majority of the House.
However, Johnson may not have the political leeway to rely on support from Democrats. He’ll need nearly every returning member of the House Republican caucus to vote for him next month to remain speaker.
The new Congress takes office in the new year.
New details of accused UnitedHealthcare CEO shooter’s plan emerge
Newly unsealed court documents put into perspective what led up to the deadly shooting of UnitedHealthcare CEO Brian Thompson. A federal complaint shed light on 26-year-old Luigi Mangione’s “hostility toward the health insurance industry and wealthy executives in particular.”
In a notebook found on Mangione when he was arrested, he allegedly wrote of his plans to “wack” an insurance company CEO at its investor conference. Federal prosecutors said he traveled from Georgia to New York to stalk and kill Thompson.
Magione appeared in a New York courtroom Thursday, and four new federal charges were levied against him. The charges included murder with a firearm, which is an offense punishable by the death penalty.
The hearing followed Mangione’s extradition from Pennsylvania, where police arrested him on Dec. 9, to New York.
Armed guards surrounded Mangione as NYPD officers walked him off a helicopter upon his arrival in Manhattan. New York City Mayor Eric Adams joined the walk.
“Police Commissioner [Jessica] Tisch and I all want to send a very clear and loud message that this act of terrorism and the violence that stems from it is something that will not be tolerated in this city,” Adams told the press at the site of the helicopter arrival.
Mangione already faces state-level charges in New York. Manhattan District Attorney Alvin Bragg brought charges against him Tuesday, Dec. 17, including for murder as an act of terrorism.
However, Mangione also received a hero’s welcome from protesters outside the courthouse. Thompson’s killing sparked backlash against the health insurance industry and its coverage policies.
While judges have not set any dates yet, Mangione will face state-level charges first. A federal trial will follow.
New York abolished the death penalty, meaning it’s not an option for Mangione in the state-level case. However, the death penalty can still be exercised in the federal case.
FAA temporarily bans drones in parts of New York and New Jersey
Drones are now banned in parts of New York and New Jersey — at least for the time being. It comes amid an investigation into multiple mysterious sightings over the last month that set off fear and speculation.
In a statement, New York Gov. Kathy Hochul said the Federal Aviation Administration’s bans are “purely precautionary.” Meanwhile, the FAA’s restrictions in New Jersey are largely aimed at limiting drone flights over power stations and infrastructure.
The FAA implemented emergency flight restrictions across New Jersey, prohibiting drone operations until Jan. 17, 2025, for “special security reasons.” Unless operators obtain special government clearance, the directive bans uncrewed aircraft within a one-nautical-mile radius of designated areas and up to 400 feet in altitude.
The FAA designated areas such as Camden, Jersey City, Elizabeth and South Brunswick as “National Defense Airspace.”
Violators may face severe penalties, including interception, detention, certificate revocation and potential criminal charges. In extreme cases, authorities are authorized to use “deadly force” against drones posing an “imminent security threat.”
These restrictions follow a surge in unexplained drone sightings across New Jersey and nearby states that began in mid-November. Federal agencies, including the Federal Bureau of Investigation (FBI) and the Department of Defense (DOD), received over 5,000 reports of drone activity.
Dow Jones snaps worst losing streak in 50 years
The Dow Jones Industrial Average snapped its worst losing streak in 50 years Thursday. The losing streak lasted 10 days.
During the losing streak, the market wiped out all of its post-election gains. The Dow ended Wednesday down 2.5% from when Trump won the election.
Also on Wednesday, Wall Street’s fear gauge, the CBOE Volatility Index, had its second-biggest percentage spike in history. The VIX shot up 74% after the Federal Reserve shared its outlook for the coming year.
On Wednesday, the Fed cut its benchmark interest rate for a third time in 2024, which was widely predicted.
Feeling the holiday blues?
The holidays are often called “the most wonderful time of the year,” but the season can bring about sadness and stress for many. This -emotional shift, commonly known as the “holiday blues” or seasonal affective disorder (SAD), can affect millions of people across the country.
Licensed adult psychiatrist Dr. Patrice Mann said the holiday blues are due to several factors. They include social pressures, disruptive routines and financial strain.
“Things like having a bunch of holiday events on the calendar, not to say we don’t look forward to them oftentimes, but they take a toll on us,” says Dr. Mann. “You’re up late, interacting with a lot of people, and that’s not everyone’s nature.”
Grief and seasonal depression can also complicate these feelings. According to the National Institute of Mental Health, seasonal depression affects millions of Americans every year, but many may not even realize they have it.
Symptoms of holiday blues and seasonal depression can include a persistent low mood, loss of interest in activities and changes in eating or sleeping habits. If these symptoms last more than two weeks, Dr. Mann said it could indicate a more serious depressive episode. In such cases, seeking professional help is important.
Dr. Mann recommended several self-care strategies to help manage both the holiday blues and seasonal depression. She suggested getting tested for vitamin D deficiency and taking supplements during winter. Vitamin D plays a vital role in mood and energy levels.
She also advised getting as much sunlight as possible during the shorter winter days. Light therapy boxes can mimic outdoor sunlight if natural sunlight isn’t available. Using them for 20 to 30 minutes in the morning can help trick the brain and improve mood.
For those experiencing grief during the holidays, Dr. Mann encouraged reflecting on personal needs and communicating with trusted friends or family members. She also recommended incorporating new social activities into your routine and checking in with yourself after attending events.
For those supporting others through grief, it’s important to recognize that everyone processes emotions differently. Dr. Mann suggested engaging in activities with those less open about mental health, such as cooking or playing games, to help create a comfortable environment for them to express themselves.
While the holiday season brings unique challenges, small steps can make a big difference. Prioritizing self-care, maintaining routines and reaching out for support are important practices to help manage holiday stress.
If you or someone you know is struggling, remember that professional help is available. The National Suicide Hotline is available 24 hours a day by calling 988.
Dow Jones snapping worst losing streak in 50 years
After the worst losing streak in 50 years, the stock market is looking to snap back Thursday, Dec. 19. The Dow Jones Industrial Average’s 10-day losing streak through Wednesday, Dec. 18, is the longest since 1974.
During the losing streak, the market wiped out all of its post-election gains. The Dow ended Wednesday down 2.5% from when President-elect Donald Trump won the election.
Also on Wednesday, Wall Street’s fear gauge, the CBOE Volatility Index, had its second-biggest percentage spike in history. The VIX shot up 74% after the Federal Reserve shared its outlook for the coming year.
Usually, when the Fed does what markets expect, investors take the news in stride. On Wednesday, the Fed cut its benchmark interest rate for a third time in 2024, which was widely predicted. But it was what came next that spooked investors.
“It was all but a known fact that they were going to do it,” Aaron Cirksena, CEO and founder of MDRN Capital, said. “I think when Jerome Powell says that they were starting to get on the cusp of whether it was the right decision or not, that’s really him using some leading language into next year, to just preface that, look, you’ve got to have some caution, that they might not be willing to just go into next year full steam saying, yes, we’re definitely going to be lowering every time we sit down another six to eight times next year.”
“I think at one point three months or so ago, that was kind of the assumption heading into 2025,” Cirksena continued. “I think now that’s starting to just get pulled back a little bit.”
The Fed went from projecting four cuts in 2025 to now projecting just two. They also expect inflation to be higher next year than previously forecast, which directly translates to a higher-for-longer interest rate policy.
As of Thursday, Dec. 19, the probability market isn’t favoring another Fed cut until May.
Wednesday marked the worst performance on record for the S&P 500 during a Fed interest rate announcement day, according to Bespoke Investment Group. But the biggest market losses since the election are more isolated to the Dow.
If you zoom out for the bigger picture, the entire market’s up double digits on the year. The tech-heavy Nasdaq has the highest gains, followed by the S&P 500 and then the Dow Jones.
Fed forges ahead with third interest rate cut despite growing inflation
The Federal Reserve continued its rate-cutting campaign Wednesday, Dec. 18, marking the third cut of 2024. The central bank shaved off another 25 basis points from its benchmark rate, in line with expectations.
The latest decision sets the benchmark interest rate between 4.25% and 4.5%, down from 4.5% and 4.75%. The rate sat above 5% for more than a year between 2023 and 2024 while the Fed attempted to get a hold of rampant inflation brought on by the COVID-19 pandemic aftermath.
The central bank has a dual mandate of maintaining price stability and full employment.
But price stability is starting to go back in the wrong direction. Consumer price inflation rose 2.7% annually in November, after dropping to a 2.4% annual rate in September. Monthly prices rose 0.3% from October, according to the Bureau of Labor Statistics.
Meanwhile, The U.S. jobs market beat expectations in November, adding 227,000 jobs after a bleak October report driven by hurricanes and strikes. However, the unemployment rate ticked up to 4.2%.
The Fed’s decision comes just over a month before President Joe Biden leaves office. President-elect Donald Trump has been critical of Fed Chair Jerome Powell in the past but has publicly stated he will not try to fire him before his term ends in 2026.
Core inflation, which removes more volatile food and energy prices, rose 3.3% annually and 0.3% compared with October. Both headline and core inflation came in line with expectations, according to FactSet. However, the rate of inflation has ticked up slightly in the last two reports.
The cost of shelter rose 4.7% annually and 0.3% since October. Shelter accounts for nearly 40% of monthly inflation, BLS reported.
Meanwhile, the food index rose just 2.4% annually and ticked up 0.4% since October. Food at home, or groceries, rose 0.5% compared to October.
The overall energy index fell 3.2% as the price of energy services dropped 19.5% annually. The price of used vehicles fell 3.4% compared with the same month last year.
The Federal Reserve’s dual mandate is to control price inflation and maintain full employment. Inflation has yet to hit its target of 2%. The U.S. jobs market beat expectations in November, adding 227,000 jobs after a disappointing October report. Meanwhile, the unemployment rate notched up to 4.2% from 4.1%.
The latest inflation report comes a week before the Federal Open Market Committee sets monetary policy. The federal funds rate now sits at 4.5% to 4.75%. The Fed is expected to cut rates by 25 basis points in December 2024. That would mark the third rate cut of 2024.
‘You’re not fired.’ Trump says he won’t try to remove Fed Chair Jerome Powell
In his first broadcast interview since the election, President-elect Donald Trump put to bed the notion he’d try to fire the chair of the Federal Reserve before his term expires in 2026. NBC’s Kristen Welker asked Trump during the hour-long exchange if he would try to replace Federal Reserve Chair Jerome Powell.
“No, I don’t think so,” Trump replied. “I think if I told him to, he would, but if I asked him to, he probably wouldn’t, but if I told him to, he would.”
“You don’t have plans to do that, right?” Welker followed up.
“No, I don’t,” Trump responded.
Trump’s response implies Powell is safe in his seat, not that he had any plans to leave. After the election, a reporter asked Powell if he would leave his post if Trump asked him to.
“No,” Powell said.
Trump first appointed Powell to chair the Fed during his first term. However, that relationship quickly soured when Trump disagreed with the Fed’s interest rate moves.
“I put a very good man in the Fed,” Trump said in 2018. “I don’t necessarily agree with it, because he’s raising interest rates.”
The relationship soon became downright contentious. Since then, President Joe Biden nominated Powell for a second term as chair, which means his term is not up until 2026, well into Trump’s second term.
Trump has repeatedly said he believes he could do a better job than the Federal Reserve. He said he also wants a bigger say in Fed decisions.
“I made a lot of money, I was very successful, and I think I have a better instinct than, in many cases, people that would be on the Federal Reserve or the chairman,” he said in August 2024.
“I think it’s the greatest job in government,” Trump said in October 2024. “You show up to the office once a month and you say, ‘Let’s see, flip a coin.’ And everybody talks about you like you’re a god.”
“He’s right. The part about it being the greatest job, it might well be right,” Powell said during the Dealbook summit in December 2024. “He’s partly right there, but he’s not right about the come to work, you know, once every month.”
Powell added, “It’s not like that,” when asked about the flip-a-coin part. In that sit-down, Powell talked with Dealbook’s Andrew Ross Sorkin about navigating another Trump term and his cabinet picks, in particular, Trump’s Treasury choice, Scott Bessent.
“You could do the earliest Fed nomination and create a shadow Fed chair,” Bessent told Barron’s. “And based on the concept of forward guidance, no one is really going to care what Jerome Powell has to say anymore.”
“I don’t think that’s on the table at all,” Powell said.
He described the critical relationship that the Fed chair and Treasury secretary must maintain, especially in times of crisis. He shared that the two people in these leadership positions have had weekly meals together for 75 years.
Powell’s term ends on May 15, 2026. Former Fed governor Kevin Warsh is among the candidates to replace him. Warsh was recently passed over for Trump’s Treasury secretary.
Why November’s 227,000 jobs added is not as impressive as it seems
The U.S. jobs market beat expectations in November, adding 227,000 jobs after a bleak October report driven by hurricanes and strikes. At the same time, the unemployment rate ticked up to 4.2% from 4.1% in October, according to Labor Department data.
Payroll employment has averaged 186,000 jobs added per month over the last 12 months. While November’s numbers beat the 12-month average, Burning Glass Institute’s Director of Economic Research Guy Berger warns it may not be as impressive as it looks.
“I think this is a pretty ho-hum labor market,” Berger said. “We saw a big gain in jobs. It was expected because we had a bunch of striking workers at Boeing coming back to work, about 40,000 of them, and on top of that, we had a big hurricane last month.”
“You abstract from that noise of all those people coming back to work, and the monthly job gains are probably not very impressive right now,” he added. “The direction is definitely lukewarm.”
Employment in health care and hospitality drove much of the job gains, up 54,000 and 53,000 jobs for the month, respectively. Meanwhile, the retail trade lost 28,000 jobs in November.
The transportation equipment manufacturing sector added 32,000 jobs in November, reflecting workers returning from strike, the Bureau of Labor Statistics said.
BLS also revised up jobs data for the past two months. September was revised up by 32,000, from 223,000 jobs added to 255,000 jobs added. October was revised up by 24,000, from 12,000 jobs added to 36,000 jobs added.
BLS said the monthly revisions are a result of additional reports received from business and government agencies since the last published estimates, along with recalculating seasonal factors.
The Federal Reserve will use this latest jobs report to guide the committee’s next interest rate decision in mid-December. Right now, markets are heavily favoring a 25-basis-point cut.
Berger said the Fed is in an uncomfortable spot right now because the data from its two mandates, price stability and maximum employment, are both a little less clear as to what direction they’re heading.
