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A new Jeep is delivered to a dealership in Pittsburgh on Monday, Jan. 23, 2023. The Federal Reserve’s preferred inflation gauge eased further in December, and consumer spending fell. (Gene J. Puskar/AP)

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The Federal Reserve's preferred inflation gauge eased further in December, and consumer spending fell — the latest evidence that the Fed's series of interest rate hikes are slowing the economy.

By CHRISTOPHER RUGABER Associated Press January 28, 2023