November's Consumer Price Index (CPI) saw prices rise 0.3% month-over-month and 2.7% year-over-year, in line with November estimates. Core CPI, which excludes food and energy prices, also matched economist forecasts as it rose 0.3% from the prior month and 3.3% annually. What does this fresh inflation print signal for the Federal Reserve's interest rate-cutting path forward?

University of Akron’s Endowment Committee chairman Dennis Gartman joins the Morning Brief team to discuss his outlook on the central bank's rate cuts for 2025 ahead of the incoming Trump administration:

"Inflation is always a critical variable, but I think it's less critical than it was. Clearly, there's been a demise or a slowing of inflationary pressures for some time. And I think that that will continue. That's the reason why I'm going to cut my expected cuts in the overnight Fed funds rate to only 125 to 150 basis points over the next two years. But inflation will always be a problem. It's going to continue to be a problem.

"And I think that the inflation rates that we got close to 2%, I don't think we can take it under 2% over the course of the next several years. And I think we go back to 3 or 4% over the course of the next 2 or 3 years, no question about that in my mind," the former editor and publisher of the Gartman Letter tells Seana Smith and Brad Smith.

Gartman also cites the cooling in commodity and food prices, while explaining why he believes former Fed governor Kevin Warsh could be the next Fed chair under Trump.

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This post was written by Luke Carberry Mogan.