An inflation gauge that is closely watched by the Federal Reserve barely rose last month in a sign that price pressures cooled after two months of sharp gains.

Inflation just hit a five-month high in November and asset prices are smashing records. The Federal Reserve has been communicating its ambition to stamp out inflation for over two years and yet it’s about to cut interest rates as prices continue to move in the wrong direction.

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.