The Federal Reserve is meeting this week to decide on its latest interest rate hike, and one of the big questions going into the meeting is how the nation's top bankers are thinking about inflation.
The latest numbers from the personal consumption expenditure (PCE) index, which is the Fed's preferred measure, show prices increasing 0.1 percent month-over-month in December.
This compares to the latest consumer price index, which showed prices falling 0.1 percent.
Excluding volatile energy and food prices, the PCE measure is up at a slightly higher rate of 0.3 percent — though the index overall is at a 15-month low.
"It all adds up to a real break for consumers, real breathing room for families, and more proof that my economic plan is working," said President Joe Biden earlier this month.
Yet whether or not the recent price moderation is enough for the Fed to go ahead with a 25-basis-point rate hike as expected won't be clear until the FOMC meeting on Wednesday.
The U.S. economy grew at a 2.1% annual pace from April through June, extending its sturdy performance in the face of higher interest rates, the government said Thursday, leaving its previous estimate unchanged.
Payments are restarting for student loan borrowers but the FTC is warning about in increased risk of getting scammed. Leslie Tayne, founder of Tayne Law Group, joined Cheddar News to provide tips on how to avoid scams amid confusion over payment plans and restarting dates.
