U.S. Prices Fell in November, for First Time Since 2020

WSJ What’s News

The Wall Street Journal

News, Daily News

4.1 • 4.2K Ratings

🗓️ 22 December 2023

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

P.M. Edition for Dec. 22. Inflation is narrowing in on the Federal Reserve’s 2% target. The Fed’s preferred inflation measure fell last month, for the first time since 2020. Economics reporter David Harrison has more. And Bristol Myers Squibb makes a bet on neuroscience drugs, with plans to buy Karuna Therapeutics for $14 billion. Health business editor Jonathan D. Rockoff explains. Plus, the Supreme Court leaves arguments on Trump’s immunity to an appeals court. Annmarie Fertoli hosts. Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:00.0	This episode is brought to you by Oracle. AI may be important, but it needs a lot of processing speed, and that gets expensive fast.
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0:24.8	Brakes Mosaic. Take a free test drive at oracle.com
0:28.6	slash enhance. U.S. inflation keeps on cooling. Prices fell last month for the first time since
0:39.5	2020. And Bristol-Myers Squibb makes a bet on the market for neuroscience drugs with plans to buy
0:46.0	Corona Therapeutics for $14 billion.
0:49.3	It's a big pharmaceutical industry market worth about $150 billion worldwide.
0:55.0	It's growing an estimated 9% a year.
0:59.0	And there's a lot of optimism within the industry and among analysts that this could be one of the
1:06.4	fastest growing markets for the industry. Plus the Supreme Court leaves arguments on
1:12.1	Trump's immunity to an appeals court.
1:14.1	It's Friday, December 22nd.
1:16.1	I'm Am Marie Fertoli for the Wall Street Journal.
1:18.4	This is the PM edition of What's News, the top headlines and business stories that moved the world today?
1:24.0	Have you noticed your grocery bill isn't so high lately or maybe you've started spending less?
1:38.0	We've been talking about inflation for so long on this show that it feels good to report today that prices fell last month for the first time since
1:44.9	2020. The Personal consumption expenditures or PCE price index fell a tenth of a percent in November
1:51.2	from the previous month. On the year the index was up 2.7 percent. of a inflation target. And Americans are feeling good about the economy. A University of Michigan
2:04.9	survey released today shows consumer sentiment jumped about 14% this month from November. And expectations
2:11.4	about inflation in 2024 dropped to their lowest levels since 2021.
2:16.0	Joining me now with more is Wall Street Journal Economics reporter David Harrison.
2:20.0	Welcome David.
	...

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