US Inflation Slows to 2.7%, Cannabis Reclassified, Mortgage Rates Dip

November Inflation Data

• 📈 Overall inflation in November rose 2.7% from a year ago, marking the slowest annual increase in four years.
• 📊 This slower pace of inflation exceeded expectations and contributed to a rally on Wall Street, with the Dow, S&P, and Nasdaq all closing higher.

Cannabis Reclassification

• ⚖️ President Trump signed an executive order to move cannabis into a less restrictive federal category, specifically a Schedule III tier.
• 💊 This tier is reserved for drugs with accepted medical uses and lower abuse potential, which could ease tax burdens for businesses in the cannabis industry.

Mortgage Rates and Housing Market

• 📉 Average rates for 30-year fixed mortgages ticked lower to 6.21% this week, down from 6.22% the previous week.
• 🏠 Despite the slight decrease in rates, rising prices and a weakening job market are reportedly weighing on potential homebuyers.