Scott Horsley

Prices in November were up 2.8 percent from a year ago.

That's a slightly larger annual increase than the previous month.

Figures for both October and November were delayed by the six-week government shutdown.

Scott Horsley, NPR News, Washington.

This Supreme Court has generally given Trump a lot of latitude to fire officials from other independent agencies like the Federal Trade Commission.

But justices have signaled the Federal Reserve is a special case.

And Lisa Cook's lawyer, Paul Clement, really stressed that during oral arguments yesterday.

He said Congress deliberately set up the Fed to be insulated from political pressure.

And Clement said for more than a century, other presidents have generally respected those boundaries.

The whole idea is the Fed sometimes has to make decisions that are unpopular in the short run, like keeping interest rates high to fight inflation, in order to achieve the best economic outcome in the long run.

Not the stated reason.

Trump and his allies have accused Cook of making false statements on mortgage applications, although she denies any wrongdoing.

Justices seem skeptical that Cook could be dismissed over that without having any opportunity to make her own case.

Justice Brett Kavanaugh suggested if the bar for firing a Fed governor were set that low,

it would weaken or shatter the central bank's independence.

So far, courts have allowed Cook to keep her job at the Fed while this case plays out.

Most forecasters think the Fed's going to hold interest rates steady when policymakers meet next week.

They have cut rates three times since last September out of concern over the softening job market.

But, you know, inflation is still higher than the Fed would like.

And policymakers have signaled they're going to be cautious about additional rate cuts going forward.