The US government is facing a potential shutdown as Congress failed to pass a spending bill before the funding deadline on Friday. Essential services like border protection and law enforcement will continue, but non-essential government functions will cease. Tech billionaire Elon Musk opposed the bill, leading to its rejection by Congress, and now Speaker Mike Johnson must find a solution before the midnight deadline to avoid a shutdown and address the debt ceiling issue.
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Key Fed inflation measure shows 2.4% rate in November, lower than expected
In November, prices remained stable but still exceeded the Federal Reserve's target compared to a year ago, with the personal consumption expenditures price index showing a 0.1% increase from October and a 2.4% inflation rate annually. Core PCE also rose 0.1% monthly and 2.8% from a year ago, below expectations. Fed officials view core inflation as a better indicator, with goods prices falling 0.4% and services rising 3.8% over 12 months, while housing inflation increased...
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