The Federal Reserve cut interest rates by 0.25% on December 18 but an interest rate cut is unlikely when the Fed issues its next policy decision on January 29.

The Personal Consumption Expenditures index climbed 2.4 percent from a year earlier, though the report’s details were more subdued than expected.

The Federal Reserve’s preferred inflation gauge moved slightly higher in November — but not as much as economists were expecting, an indication that price hikes aren’t accelerating in a worrisome fashion.