The Globe and Mail reports in its Thursday, Nov. 28, edition that U.S. consumer spending rose slightly more than expected in October, indicating solid economic growth early in the fourth quarter. A Reuters dispatch to The Globe reports that progress on reducing inflation, however, has stalled, complicating efforts to reach the Federal Reserve's 2-per-cent target. The incoming Trump administration's potential higher tariffs could limit future interest rate cuts. The Fed is anticipated to implement a third rate cut in December, as data reveal rising long-term unemployment. Minutes from the Nov. 6-7 meeting showed officials were divided on the need for further rate reductions. Nationwide economist Kathy Bostjancic says, "Inflation remains sticky and could lead some Fed officials to argue for a pause in the rate-cutting cycle next month." She sees the Fed pausing "rate cuts in early 2025 to assess prospective policy changes under the second Trump administration." Consumer spending rose 0.4 per cent last month. Economists polled by Reuters had forecast consumer spending would gain 0.3 per cent. Adjusted for inflation, consumer spending edged up 0.1 per cent, consistent with a 2.5-per-cent annualized growth rate this quarter.