PCE Index Hit Highest Level in November Since 1982 – The New York Times:

Fed policymakers announced this month that they are speeding up their plans to withdraw support from the economy, and they set themselves up to potentially raise interest rates several times next year. That would make buying a car or expanding a business more expensive, making it more attractive to save and less attractive to spend, cooling off the economy and, over time, weighing on inflation.

“We understand that high inflation imposes significant hardship, especially on those least able to meet the higher costs of essentials like food, housing and transportation,” Jerome H. Powell, the Fed chair, said last week. “We are committed to our price stability goal.”