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Top Federal Reserve official warns progress on taming US inflation ‘may be stalling’

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Top Federal Reserve official warns progress on taming US inflation ‘may be stalling’

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A top Federal Reserve official has warned that the central bank’s progress on curbing inflation “may be stalling”, even as he threw his support behind a cut in interest rates later this month.

Christopher Waller, a governor on the policy-setting Federal Open Market Committee, said on Monday that he backed the central bank lowering rates when it next gathers on December 17-18. He said that still-elevated borrowing costs were curbing demand across the world’s biggest economy, contributing to easing price pressures.

Still, Waller noted that “if the data we receive between today and the next meeting surprise in a way that suggests our forecasts of slowing inflation and a moderating but still-solid economy are wrong, then I will be supportive of holding the policy rate [unchanged in December]”.

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He added that there were some signs that progress towards cooling inflation back to the Federal Reserve’s 2 per cent target “may be stalling”. The consumer price index rose at an annual rate of 2.6 per cent in October, according to official data.

Fed officials will on Friday receive an important update on the state of the labour market with November’s payrolls report, as well as new inflation data next week. Policymakers will also receive fresh data on retail sales — a crucial driver of the US economy — on the first day of this month’s two-day policy meeting.

Officials have recently turned more optimistic on the trajectory of the economy, having previously worried that the labour market was heading for a sharp slowdown. They noted in a detailed summary of November’s meeting, released last week, that there had been “no sign of rapid deterioration” across the labour market.

The more sanguine outlook — coupled with renewed concerns about persistent price pressures that have kept monthly inflation readings more elevated than expected — has led to widespread support among Fed officials to move “gradually” as it considers how quickly to return its monetary policy settings to a “neutral” setting that neither stimulates or suppresses demand.

“I feel like an MMA fighter who keeps getting inflation in a choke hold, waiting for it to tap out yet it keeps slipping out of my grasp at the last minute,” he said in prepared remarks at a conference in Washington. “But let me assure you that submission is inevitable — inflation isn’t getting out of the octagon.”

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While he expects rate cuts to “continue over the next year”, Waller also made clear that the pace of those cuts will probably slow over time.

The comments from Waller come in the final week before a scheduled communications blackout ahead of the December meeting.

A quarter-point cut in December would mark the third-straight gathering at which the Fed has lowered interest rates, having kicked off the process in September with a half-point reduction. That would lower the federal funds rate to a new target range of 4.25-4.5 per cent.

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With the white nationalist group Patriot Front, what you see is not what you get

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With the white nationalist group Patriot Front, what you see is not what you get

Members of the group Patriot Front ride the subway as a commuter looks on, in Washington, D.C., on July 4.

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The sight of hundreds of masked men roaming the streets of Washington, D.C., on July Fourth weekend, wearing khakis, blue shirts and uniform patches, was chilling to some of the city’s residents.

For many Americans, it was the first they heard about Patriot Front, a white nationalist organization that was born out of the deadly 2017 Unite the Right rally in Charlottesville, Va. A now-viral Reuters photo prompted reflections on the experience of a lone African American woman who was photographed in a Metro subway car, surrounded by white supremacists.

The planned demonstration of force was timed to bring a fringe group of extremists into public view as the nation marked 250 years of its independence. Indeed, the stunt succeeded in earning the group media coverage across mainstream outlets, amplifying its brand and potential to reach new recruits. On this occasion, the members refrained from engaging in violence and property damage, projecting an image of law-abiding, orderly activism.

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But those who are closely familiar with Patriot Front’s history and operations warn: Don’t believe what you see.

“That is not who they are in private,” said Len Kamdang, director of the Criminal Justice Project at the Lawyers’ Committee for Civil Rights Under Law. “Although they were on their best behavior [last] weekend, this is a dangerous group that commits acts of violence all over the country.”

Patriot Front’s history of violence and property damage

Kamdang’s organization sued members of Patriot Front for vandalizing a public mural dedicated to the tennis legend and Black activist Arthur Ashe in Richmond, Va., in 2021. Ashe, who was inducted into the International Tennis Hall of Fame in 1985, was born in Richmond and his legacy is a continuing source of pride to members of that community.

“A couple of Patriot Front members showed up under cover of night and vandalized the mural,” Kamdang said. “They painted white stencils all over. … They literally tried to whitewash him and they put their symbols of hate all over — their stencils, their slogans. And all the while they were caught on video. And that video leaked using some of the most horrible language that you can imagine.”

In many jurisdictions, law enforcement can seek additional hate crime charges or sentencing enhancements in cases where illegal acts appear to have been motivated by racial bias. But in this case, Kamdang said, Patriot Front members faced no criminal charges and their identities were only revealed when online activists later infiltrated the group and leaked internal records.

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Graham Platner makes it official in Maine, submitting paperwork to leave Senate race

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Graham Platner makes it official in Maine, submitting paperwork to leave Senate race

Now-former Democratic Senate candidate Graham Platner speaks at his primary election night event on June 9 in Blue Hill, Maine. Platner officially dropped out of the race July 10 following rape allegations from a former romantic partner that he denies.

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Graham Platner, Maine’s Democratic nominee for Senate, is officially out of the race.

The Maine Secretary of State said Platner filed the necessary paperwork to withdraw his candidacy two days after he announced he planned to do so following an accusation of rape by a former romantic partner. Platner denies the allegation.

The Maine Democratic Party has until July 27 to pick Platner’s replacement.

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In his withdrawal notice, Platner said “people are desperate for change” and that’s why they voted “for a new kind of politics” by making him the Democratic nominee. He expressed gratitude for those who supported his campaign and said that he will continue to fight for “the movement we have built together and the future we believe in.”

He ended his notice with a strong statement aligned with the progressive platform.

“F*ck ICE. Free Palestine. Up the Hearts.”

Platner announced his plan to withdraw from the race in an 11-minute video he posted to social media on July 8. He said he had no choice but to suspend his campaign, citing it was no longer viable financially.

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“We are going to lose our ability to fundraise. We are going to lose our ability to access voter data. We are going to lose all of the things that any campaign needs on the basic level simply to function,” he said.

Platner added that dropping out was not an admission of guilt. Rather, the decision, he said, is to keep the progressive movement in Maine alive to defeat Republican Sen. Susan Collins in November. Platner blamed the “political establishment” for his downfall and argued the goal was to force him out of the race.

“We built a campaign. We engaged in electoral politics. We motivated people. We banded together. We did it the way that we were told we are supposed to make change and we won. And now they are not going to let us have it. Not if it’s me,” he said.

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Waymo called the cops on teen riders, raising privacy concerns

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Waymo called the cops on teen riders, raising privacy concerns

A Waymo robotaxi drives in San Francisco’s North Beach neighborhood this week.

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Police in San Mateo, Calif., posted Monday on social media that they had apprehended a pair of teenagers from a Waymo driverless robotaxi after the company alerted authorities to suspected criminal activity. It’s the latest incident involving video surveillance of passengers and others by autonomous vehicles — raising questions about the limits of privacy in such vehicles.

The Facebook post by the San Mateo County Police said: “Parents do you know where your teens are? @waymo does!”

The 15-year-olds were allegedly drinking alcohol and shooting toy guns from the car, according to the police. They said Waymo’s systems detected behavior that then triggered a safety response, after which the company disabled the vehicle and contacted police.

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Waymo’s cars, equipped with an array of cameras, microphones and other sensors to monitor passengers and other nearby vehicles, are becoming more common in cities across the United States. Experts say the detention of the two teens in San Mateo highlights a potential — but not inevitable — trade-off between privacy and convenience. It also questions the extent to which companies similar to Waymo are required to hand over private data, including audio and video of passengers, in situations where a crime is suspected.

NPR reached out to Waymo, which is owned by Alphabet, the parent company of Google, for comment on the details of the San Mateo incident and how the company responded, but did not hear back. But on its website, the company says that as many as 29 cameras in its autonomous cars provide an all-around view and “are designed with high dynamic range and thermal stability, to see in both daylight and low-light conditions, and tackle more complex environments.”

“There already exist laws that govern duty to report or even duty to protect” for carriers such as Waymo, according to Alessandro Acquisti, a professor of information technology at the MIT Sloan School of Management. “The privacy problems arise when and if driverless carrier companies used such laws or ethical obligations as a pretext for blanket, indiscriminate accumulation of identifiable data for unspecified future purposes.”

That includes not just monitoring people inside the cars, but outside too. Take, for example, a hit-and-run investigation last year in Los Angeles. Media reported that the police inquiry was aided by video captured by a Waymo taxi that had a clear view of the crime. Critics suggested at the time that authorities were using the company’s vehicles as a mobile surveillance platform. And during 2025 protests in Los Angeles against Immigration and Customs Enforcement crackdowns, demonstrators vandalized Waymos, apparently angry that video recorded by the vehicles could be used by police, although there is no evidence that happened.

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