Federal Reserve leaders are unified in their resolve to quash the worst bout of inflation in four decades. They just no longer agree on how high to keep U.S. interest rates to achieve their goal.

Rising Federal deficits and debt, coupled with potential Trump tariffs, could exacerbate inflation, forcing the Fed to hike rates, negatively impacting the stock market.

A deceleration in the Federal Reserve’s preferred inflation measure in November is a step forward in the central bank’s fight against elevated price growth, but it’s far from the end. Fed officials won’t overreact to one month of data,