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.
Britain’s most notorious gangster and the detective who pursued him have been involved in a bizarre confrontation…at a charity lunch.
Former Detective Superintendent Ian Brown was at a Kent golf club and about to give a talk on the infamous £26m Brink’s-Mat gold robbery when he was summoned from the stage by officials.
Mr Brown, who appeared on the award-winning Sky News StoryCast podcast The Hunt For The Brink’s-Mat Gold in 2019, said: “I go outside and they say ‘he’s here’ and I say ‘who’s here’ and they say that table over there in the corner, that’s Kenny Noye with a baseball cap pulled down over his head.”
Noye stabbed to death an undercover policeman during the Brink’s-Mat investigation, but was acquitted of murder, though he was jailed for handling the stolen gold.
Mr Brown, 86, said: “I went over to him and said ‘thanks for coming, nice of you to pop in’, but I don’t believe you’ve turned up with your sons and grandkids to listen to me telling how you killed a police officer.
“And he said ‘I want to make sure you don’t say I’ve been dealing drugs’ and I said ‘I’ve never said that Kenny’.”
The retired detective told Noye he wasn’t going to change his presentation just because he was there.
“He said ‘mate, I wouldn’t expect you to and I’ll come up [on stage] if you want me to’.
“Can you think how he’s turned up with his family to listen to somebody talking about you killing the police? Now, you put logic on that.”
The bizarre story emerged when I rang Mr Brown after I’d been told about the meeting.
Image: A Sky News podcast told the story of the Brink’s-Mat heist in 2019
I also wanted to ask him about the recent BBC hit drama series The Gold which retold the story of the Brink’s-Mat heist at Heathrow Airport in 1983.
“It was an absolute shambles, far too much dramatic licence and the real story was so much better,” said the ex-detective, whose job had been to follow the trail of the 6,800 gold bars to the US and the Caribbean.
He said he chatted to one of the show’s writers for a long time in a phone call but then heard no more.
“They invented people, changed a bit here and there and made it politically correct in so many ways. I’m just very sad that that is what people will believe.
“And I couldn’t work out who my character was supposed to be. I could have been one of the female cops.”
He also criticised the portrayal of Noye, now 78, as a likeable jack-the-lad character when the truth about the double killer with a volatile temper was quite different.
LOS ANGELES — The Los Angeles Dodgers suffered their worst loss ever in Dodger Stadium, an 18-1 blowout at the hands of the Houston Astros on Friday night in the series opener of a matchup between division leaders.
The 17-run loss marked the Dodgers’ largest margin of defeat at home since the team moved to Dodger Stadium in 1962, and the franchise’s worst home loss since July 3, 1947, when Brooklyn lost 19-2 to the New York Giants.
Jose Altuve homered twice while reaching base five times and driving in five runs for the Astros, who held the defending World Series champion Dodgers to six hits including Will Smith‘s solo homer.
“That was one you want to flush as soon as possible,” Dodgers manager Dave Roberts said. “I don’t think there were many positives from this night.”
Dodgers fans relentlessly booed Altuve throughout his at-bats, chanting, “Cheater! Cheater!” He’s one of two players, along with Lance McCullers Jr., remaining from Houston’s 2017 team that beat the Dodgers in the World Series. It later came out that the Astros were stealing signs with the help of video and relaying pitches to batters by banging on a trash can.
The AL West-leading Astros scored 10 runs in the sixth, highlighted by Victor Caratini‘s grand slam and Altuve’s three-run shot. It was the most runs given up in an inning by the Dodgers since April 23, 1999, when they allowed 11 to St. Louis.
McCullers (2-3) allowed one run and four hits in six innings of his second start since returning from a sprained right foot. He struck out four.
Isaac Paredes hit his first career leadoff homer on the first pitch of the game from rookie Ben Casparius. Altuve doubled and scored on Christian Walker‘s RBI single for a 2-0 lead.
Jake Meyers doubled leading off the third and scored on Altuve’s 14th homer. Rookie Cam Smith doubled and scored on Walker’s 417-foot shot halfway up the left-field pavilion to cap four straight hits given up by Casparius and extend Houston’s lead to 6-1.
“I don’t think Ben was good tonight,” Roberts said. “It seemed like they were on everything he threw up there.”
The Astros broke it open in the sixth. Smith had a bases-loaded RBI single, reliever Noah Davis hit Walker with two strikes on him to force in a run and Caratini hit his slam with no outs. Meyers added an RBI single, and Altuve hit his second homer of the night.
Casparius allowed six runs and nine hits in three innings and struck out three.
SEATTLE — Cal Raleigh hit his 34th and 35th home runs to set a career high and match Ken Griffey Jr.’s Seattle record for homers before the All-Star break, helping the Mariners beat the Pittsburgh Pirates6-0 on Friday.
Raleigh, the major league leader in home runs, turned on a fastball from Bailey Falter (6-4) in the first inning and walloped it well past the wall in left. The exit velocity on the two-run shot was logged at 115.2 mph, per Statcast, making it the hardest-hit ball of his career.
Raleigh topped his previous career high for homers, set last season, in the sixth with a solo shot that chased Falter. The Mariners mustered only one other hit off the left-hander, but it was also a home run courtesy of Randy Arozarena in the fourth inning.
Raleigh’s 35 homers are tied for the fifth most in MLB history before the All-Star break (since 1933), matching Griffey in 1998 and Luis Gonzalez in 2001. Barry Bonds holds the record with 39 at the break in 2001.
Raleigh said he was honored to tie Griffey, whom he called the face of the Mariners.
“To be mentioned with that name, somebody that’s just iconic, a legend, first-ballot Hall of Famer, I’m just blessed,” Raleigh said. “Trying to do the right thing and trying to keep it rolling. If I can try to be like that guy, it’s a good guy to look up to.”
Raleigh is on pace to hit 65 home runs this season, which would break New York Yankees star Aaron Judge‘s American League record of 62, set in 2022.
Manager Dan Wilson, who was a teammate of Griffey Jr.’s in 1998, tried to put Raleigh’s fast start to 2025 in perspective.
“It’s remarkable. It feels like he hits a home run every game, that’s what it feels like,” Wilson said. “And I can remember feeling it as a player, that [Griffey] just felt like he hit a home run every day. Again, that’s the consistency that [Raleigh] has shown. It hasn’t been a streak where he has hit a bunch of home runs in a short amount of time. It’s been kind of 10 per month.”
A switch-hitter, Raleigh has more home runs as a left-handed hitter and as a right-handed hitter than anyone else on the Mariners: He has 21 from the left side and 14 from the right. Arozarena ranks second on Seattle with 13 homers this season.
The Mariners play eight more games before the All-Star break.
The Associated Press and ESPN Research contributed to this report.