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The U.S. dollar retreated from a two-year high on Friday, but was heading for its third consecutive week of gains, with data showing a slowdown in inflation two days after the Federal Reserve delivered a cut to interest rates. The dollar was down 0.47% on the day against a basket of six other currencies at 107.95 after spiking as high as 108.54 - its highest level since November 2022. It was set to end the week 1% higher.

(Bloomberg) -- The Federal Reserve’s preferred measure of underlying inflation was muted in November, a step in the right direction for policymakers looking to cut interest rates further in 2025.Most Read from BloombergNew York City’s Historic Preservation Movement Is Having a Midlife CrisisThe Architects Who Built MiamiReviving a Little-Known Modernist Landmark in BuffaloNYPD Car Chases Are Becoming More Frequent — and More DangerousDakar’s Air Quality Plummets as Saharan Dust Descends on Seneg

The company said the takeover offer was backed by Ron Burkle, the chairman.

U.S. Steel said lower prices and the costs of the ramp-up of a new factory will negatively impact current-quarter results.

The S&P 500 and the Nasdaq dipped on Friday as fears over high interest rates next year loomed, although a cooler-than-expected inflation report kept losses in check. A Commerce Department report showed the Personal Consumption Expenditure (PCE) index, the Fed's preferred inflation measure, rose 2.4% in November on an annual basis, below estimates of 2.5%, as per economists polled by Reuters. Wall Street was jolted this week after the Fed forecast only two rate reductions in 2025 and raised its inflation estimate, in a nod to the economy's continued resilience and still-high inflation.

The S&P 500 and the Nasdaq dipped on Friday as fears over high interest rates next year loomed, although a cooler-than-expected inflation report kept losses in check. A Commerce Department report showed the Personal Consumption Expenditure (PCE) index, the Fed's preferred inflation measure, rose 2.4% in November on an annual basis, below estimates of 2.5%, as per economists polled by Reuters. Wall Street was jolted this week after the Fed forecast only two rate reductions in 2025 and raised its inflation estimate, in a nod to the economy's continued resilience and still-high inflation.

Olivier Acuña had to keep his wits about him to survive as a reporter. Then he worked in crypto and got scammed out of $400,000.