The Federal Reserve’s preferred inflation measure remained above the central bank’s 2% target pace in the year through October, as progress on slowing price growth appears to have stalled in late 2024.

Fed officials had been hoping this fall for a clean downtrend in inflation, allowing them to focus more fully on preventing an economic downturn. The data hasn't cooperated. Over the 12 months through October,

U.S. inflation gauge ticks higher with price pressures remaining stubborn.

Despite inflation in some sectors remaining outside the Federal Reserve's benchmark of 2%, officials indicated they are pleased with the current easing of interest rates, and more gradual cuts may follow.

Federal Reserve officials discussed potentially slowing down or pausing interest-rate cuts if progress on lowering inflation stalled out when they met earlier this month. Officials thought that if the economy performed in line with their expectations that inflation would continue to decline steadily,