This is why we can’t have nice things… 

If you were hoping Jerome Powell was about to walk into next week’s Fed meeting and hand out rate cuts like Costco samples… I regret to inform you: that ship has sailed. In short, November’s PCE just dropped with both headline and core coming in at 2.8%, which was “in line with expectations”... but not enough for J-Poww to do the deed (read: rate cut). 

(Source: Giphy) 

Oh, and because the government shutdown had everyone playing data hide-and-seek, we also got October’s numbers late. October was 2.7%. November is 2.8%. So yes… inflation is moving the wrong direction again. And we’re all collectively back to being fully clenched. 

(Source: CNBC) 

That said, the monthly PCE print was +0.2% for both October and November. Nothing crazy. Nothing explosive. Just a steady drip of “not 2% though.” As for goods and services, they were both up while food stayed flat. Energy popped +1.9% in November after falling in October, because as we all know… energy prices are basically a mood ring for global chaos.

Elsewhere, the American consumer is going full-tilt on speedrunning bankruptcy as spending  rose 0.5% in October and 0.5% in November. Income was fine too (0.3% in November)... so slightly light, but not enough to change the story. Case in point: The markets were already leaning “hold”, and this just cemented it. The Fed cut rates three straight times in 2025… but that momentum doesn’t seem to be continuing in 2026. Meaning,  unless Powell wants to risk lighting the credibility of the entire central bank on fire for fun, we’re probably getting the classic: rates stay put, Powell says “data dependent” 47 times, and everyone pretends they didn’t just bet their rent on a pivot. 

(Source: Giphy) 

So yeah… while inflation isn’t necessarily exploding, it’s just refusing to die. Of course, futures traders are still pricing in maybe two cuts this year, max… but honestly, your odds on Polymarket may be better than that. Place your bets accordingly, friends. Until next time… 

At the time of publishing, Stocks.News does not hold positions in companies mentioned in the article.