US inflation rose 3.1% in November, stubbornly above the Federal Reserve’s long-term target and bolstering the case for central bankers to keep interest rates at current levels this spring.
The Consumer Price Index — which tracks changes in the costs of everyday goods and services — was down slightly from October’s 3.2% reading, in line with economists’ forecasts, and was its lowest monthly reading since June.
Nevertheless, it remained well above the 2% pace eyed by the Fed — a figure the US economy hasn’t seen since 2012 — as central bankers have ratcheted interest rates to a 22-year high, between 5.25% and 5.5%, in hopes of an economic slowdown.
The Bureau of Labor Statistics attributed the second consecutive month-over-month slowdown to the gasoline index, which saw a 6% decline from last month.
Core CPI a number that excludes volatile food and energy prices and serves as a closely watched gauge among policymakers for long-term trends increased 0.2% in November after rising 0.3% in October.
Per AAA figures, gas averages at about $3.14 in the US on Tuesday, down from the $3.35-per-gallon average when last month’s CPI report was released.
The shelter index, which tracks housing costs, rose 0.4%, “offsetting a decline in the gasoline index,” the Bureau of Labor Statistics said.
Fed Chair Jerome Powell has kept economists guessing about whether another rate hike is impending, though central bankers themselves have even seemed to be wrestling with conflicting economic signals.
In a hawkish speech earlier this month, he insisted that central bankers will continue their tightening regime until the job is done and inflation is once again 2%.
We are prepared to tighten policy further if it becomes appropriate to do so, he said during a fireside chat at Spelman College in Atlanta.
The full effects of our tightening have likely not yet been felt,” Powell insisted.
However, just days earlier he seemed to take a more cautious approach to raising interest rates moving forward, noting that central bankers were “proceeding carefully,” according to minutes of the Oct. 31 to Nov. 1 session, when the Fed ended up holding the benchmark overnight interest rate steady in the current 5.25% to 5.5% range.
Meanwhile, the CME FedWatch Tool now projects a more than 98% chance that the Fed doesnt raise rates again this year — up from 85% last month.
Economists and prominent Wall Street executives have been worried that without a rate cut soon, the economy could be headed for a so-called “hard landing” — where interest rates are taken so high that it spurs a recession — especially following November’s strong jobs report that signaled the economy’s momentum has continued despite the Fed’s tightening cycle.
US employers added a higher-than-expected 199,000 jobs last month, well above the 180,000 jobs economists expected to be added, according to Refinitiv data.
However, the unemployment rate edged down to 3.7% a sign that the economy could skirt a recession in favor of a soft landing.
Lower hiring stints combined with higher-than-expected unemployment historically signals a recession.
David Beckham has called it “truly humbling” and an “emotional moment” to be made a knight in the King’s Birthday Honours.
The former England captain receives the honour alongside The Who frontman Roger Daltrey and Oscar-winning actor Gary Oldman.
Singer and actress Elaine Paige, novelist Pat Baker, and former defence secretary Penny Mordaunt have been awarded damehoods.
Image: Sir David chatted to the King at an event on Thursday. Pic: PA
Meanwhile, Strictly Come Dancing hosts Tess Daley and Claudia Winkleman, as well as darts stars Luke Littler and Luke Humphries, will all get MBEs.
Beckham was made an OBE in 2003, but now finally becomes Sir David after being in the running for many years. He gets the honour for his services to sport and charity.
Sir David was said to be close to a knighthood in 2014, but reportedly lost out after HM Customs and Revenue flagged his involvement in an alleged tax avoidance scheme.
“Growing up in east London with parents and grandparents who were so patriotic and proud to be British, I never could have imagined I would receive such a truly humbling honour,” he told PA news agency.
Image: It’s been 22 years since the ex-footballer got an OBE. Pic: PA
“To have played for and captained my country was the greatest privilege of my career, and literally a boyhood dream come true,” added the former Manchester United and Real Madrid star.
Sir David, who recently turned 50, was seen chatting to the King the day before his honour was announced as part of his role as an ambassador for the monarch’s foundation.
He said he’d been fortunate to “represent Britain around the world and work with incredible organisations that are supporting communities in need and inspiring the next generation”.
Image: Actor Gary Oldman now also becomes a knight. Pic: Reuters
Image: Teenage world darts champion Luke Littler is also on the list. Pic: PA
Sir David added: “I’m so lucky to be able to do the work that I do and I’m grateful to be recognised for work that gives me so much fulfilment.
“It will take a little while for the news to sink in but I’m immensely proud and it’s such an emotional moment for me to share with my family.”
On the music front, The Who’s singer got a knighthood at age 81.
Sir Roger – known for hits such as My Generation and Pinball Wizard – led the Teenage Cancer Trust at Royal Albert Hall concert series for more than two decades.
Image: Sir Roger with The Who at this year’s Teenage Cancer Trust show. Pic: PA
“It’s kind of weird, but I am deeply honoured to get this, especially for the charity for the Teenage Cancer Trust, and I accept it on their behalf really, because this honour is really for all unsung heroes,” said Sir Roger.
“It’s a dream come true for me, but it’s especially a dream because the charity means so much.”
TV presenter Tess Daly called her MBE “the greatest surprise of my life”.
“I don’t think I’ve come back down to earth yet,” she told PA. “I didn’t see it coming, and it almost didn’t happen because the letter went to the wrong address.
“And thank goodness someone very kind found me. And so by the time I got it, I only had, I think it was two or three days left to accept it.”
Image: Strictly duo Claudia Winkleman and Tess Daly get MBEs. Pic: BBC/Ray Burmiston
Her co-star on Strictly, Claudia Winkleman, said she was “incredibly grateful” to be recognised.
“I will buy a hat and am taking my mum [to receive the honour]. I am ridiculously lucky and will celebrate with Tess by doing a paso doble,” she said.
West End legend Elaine Page – who has starred in shows such as Cats and Evita – was also honoured for services to music and charity.
The singer said she was in “shock” at becoming a dame
“I’ve got all these different emotions coming at me all at once,” said the 77-year-old. I’m proud and I feel grateful and I’m thrilled and surprised, and so it’s been quite a lot to take in.”
Dame Elaine has roles at two charities – The Children’s Trust and The Dan Maskell Tennis Trust, which supports disabled tennis players.
She’s also presented a BBC radio show for more than 20 years.
Image: Sir Anthony Gormley has been awarded the rarest honour of all. Pic: Reuters
More than 1,200 people from across the country were given honours in the latest list, including Sky Group chief executive Dana Strong – awarded a CBE for services to business and the media.
Eleven-year-old disability campaigner Carmela Chillery-Watson is the youngest to be recognised after helping raise more than £400,000 for Muscular Dystrophy UK.
The oldest is 106-year-old William Irwin, founder of the Coleraine Winemakers Club, who gets a BEM (British Empire Medal) for services to the community.
Image: Sky Group chief executive Dana Strong has been awarded a CBE. Pic: PA
Image: Carmela Chillery-Watson, 11, is the youngest on the list. Pic: PA
However, the top accolade has been awarded to sculptor Sir Antony Gormley, the man behind the Angel of the North, who is made Companion of Honour for services to art.
There can only be 65 companions at any one time.
Other notable names on the list include former defence secretary Penny Mordaunt – who famously had a prominent role holding a sword at the King’s coronation – and is now a dame; and former EastEnders actress Anita Dobson, who gets an OBE.
In an aerial view, a Tesla showroom at 12845 N. US 183 Highway Service Road is seen after police were called for a suspicious device in Austin, Texas, on March 24, 2025.
Brandon Bell | Getty Images
With Elon Musk looking to June 22 as his tentative start date for Tesla’s pilot robotaxi service in Austin, Texas, protesters are voicing their opposition.
Public safety advocates and political protesters, upset with Musk’s work with the Trump administration, joined together in downtown Austin on Thursday to express their concerns about the robotaxi launch. Members of the Dawn Project, Tesla Takedown and Resist Austin say that Tesla’s partially automated driving systems have safety problems.
Tesla sells its cars with a standard Autopilot package, or a premium Full Self-Driving option (also known as FSD or FSD supervised), in the U.S. Automobiles with these systems, which include features like automatic lane keeping, steering and parking, have been involved in dozens of collisions, some fatal, according to data tracked by the National Highway Traffic Safety Administration.
Tesla’s robotaxis, which Musk showed off in a video clip on X earlier this week, are new versions of the company’s popular Model Y vehicles, equipped with a future release of Tesla’s FSD software. That “unsupervised” FSD, or robotaxi technology, is not yet available to the public.
Tesla critics with The Dawn Project, which calls itself a tech-safety and security education business, brought a version of Model Y with relatively recent FSD software (version 2025.14.9) to show residents of Austin how it works.
In their demonstration on Thursday, they showed how a Tesla with FSD engaged zoomed past a school bus with a stop sign held out and ran over a child-sized mannequin that they put in front of the vehicle.
Dawn Project CEO Dan O’Dowd also runs Green Hills Software, which sells technology to Tesla competitors, including Ford and Toyota.
Stephanie Gomez, who attended the demonstration, told CNBC that she didn’t like the role Musk had been playing in the government. Additionally, she said she has no confidence in Tesla’s safety standards and said there’s been a lack of transparency from Tesla regarding how its robotaxis will work.
Another protester, Silvia Revelis, said she also opposed Musk’s political activity, but that safety is the biggest concern.
“Citizens have not been able to get safety testing results,” she said. “Musk believes he’s above the law.”
Tesla didn’t immediately respond to a request for comment.
US President Donald Trump receives a gold helmet with his name on it during a visit to US Steel – Irvin Works in West Mifflin, Pennsylvania, May 30, 2025, to mark the ‘partnership’ between Nippon Steel and US Steel.
Saul Loeb | AFP | Getty Images
President Donald Trump issued an executive order on Friday approving U.S. Steel’s merger with Japan’s Nippon Steel, after the companies signed a national security agreement with the U.S. government.
U.S. Steel and Nippon said the national security agreement will give the U.S. government a “golden share” and makes certain commitments related to governance, domestic production, and trade. The companies did not elaborate on what powers the U.S. government will wield with its golden share.
“All necessary regulatory approvals for the partnership have now been received, and the partnership is expected to be finalized promptly,” U.S. Steel and Nippon said in a statement.
The national security agreement calls for Nippon to make $11 billion in new investments by 2028, including initial spending on a greenfield project that will be completed after 2028, the companies said.
Trump said Thursday that the golden share gives the president “total control” without elaborating. Pennsylvania Sen. Dave McCormick told CNBC last month that the golden share will effectively allow the government to control a number of board seats.
Trump opposed U.S. Steel‘s controversial sale to Nippon in the runup to the 2024 president election, as Republicans and Democrats have leaned into protecting U.S. companies against foreign competitors.
But Trump started softening his opposition to the takeover after assuming office, ordering a new review of the deal in April. President Joe Biden had blocked U.S. Steel’s sale to Nippon during his final days in office, citing national security concerns, despite Japan being a close ally.
Trump has avoided calling the deal an acquisition or merger, describing it as a “partnership” in a May 23 post on his social media platform Truth Social. He insisted that U.S. Steel will remain “controlled by the USA” during a speech to workers at one of the company’s plants outside Pittsburgh on May 30.
U.S. Steel made clear it would become a “wholly owned subsidiary” of Nippon North America under the terms of the merger agreement in an April 8 filing with the Securities and Exchange Commission. Trump’s description of the deal as a “partnership” caused confusion among investors and union leadership.
The president told U.S. Steel workers that Nippon will be a “great partner.” The Trump administration is currently engaged in trade talks with Japan as investors eagerly await signs that the U.S. will strike deals with key partners that avoid steep tariffs.
Trump told the steelworkers that Nippon had agreed to keep U.S. Steel’s blast furnaces operating at full capacity for a minimum of 10 years. The president said the deal would not result in layoffs and promised there would be “no outsourcing whatsoever.” He said workers will receive a $5,000 bonus.
Trump announced that he was doubling U.S. tariffs on steel imports to 50% during his remarks to U.S. Steel workers. Those tariffs went into effect on June 4.