Fed’s key gauge pegs inflation at 2.8% in November, drifting off target again
Inflation is drifting higher again in the Federal Reserve’s preferred yardstick, complicating hopes that price pressures were gliding smoothly back to target. The personal consumption expenditures index showed prices rising at 2.8% in November, a reminder that the last mile in the inflation fight is proving stubborn even as growth and jobs remain resilient. That…