Shoppers carry bags inside the Westfield San Francisco Centre shopping mall in San Francisco, California, on December 22, 2021. Shoppers carry bags inside the Westfield San Francisco Centre shopping mall in San Francisco, California, on December 22, 2021.

The Federal Reserve's preferred inflation gauges probably cooled in December to the slowest pace in more than a year, reinforcing a step down in the pace of interest-rate hikes but likely not enough for officials to discuss a pause.

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