Asset prices, meanwhile, have shrugged off all indication that the Fed’s inflation battle is moving in the wrong direction. Stocks continue to hover at record highs, bond markets remain relatively unbothered, and bitcoin is still knocking on $100,000.

October's Personal Consumption Expenditures report is the latest data the Fed will consider in its next interest rate decision.

The Federal Reserve’s preferred measure of underlying inflation accelerated in October from a year ago, helping explain policymakers’ more cautious approach to lowering interest rates.