Fed’s preferred inflation gauge cools as prices continue to soar

close video Wall Street turmoil will continue until inflation dies: Michael Lee

Michael Lee Strategy founder Michael Lee discusses whether the recent wave of layoffs at the banks and in Big Tech is concerning on ‘Varney & Co.’

An inflation gauge closely watched by the Federal Reserve showed welcome signs of slowing in November, but it still remained abnormally high, according to new data released Friday.

The Personal Consumption Expenditures (PCE) index showed that consumer prices climbed 0.1% from the previous month and rose 5.5% on an annual basis, according to the Bureau of Labor Statistics. 

This is a developing story. Please check back for updates.