THE ECONOMY.(TO THE POINT)

Nov. inflation pressures decline

The Economic Cycle Research Institute's future inflation gauge fell for the first time in 6 months, dropping 2.7 points last month to 121.6. The index's annualized growth rate, which smooths out monthly fluctuations, fell to 3.1% from an upwardly revised 8.2%. The report said prices are still heading higher, but they've come off recent highs.

Yellen: More rate hikes "likely'

San Francisco Fed President Janet Yellen said policy-makers must monitor prices to prevent an "unacceptable rise" in inflation. Yellen said she'd be "happier" if core inflation were "somewhat lower," but she's fairly optimistic about future inflation. She expects U.S. GDP growth in the 2nd half of 2005 to be "noticeably above the potential," with strength continuing in the 1st half of '06.

Trade, economy dominate G-7

The U.S. and Britain used a Group of Seven meeting to push for progress on a free trade deal. The U.K. -- the current G-7 and EU president -- hinted it could call another meeting on the issue ahead of a WTO gathering later ...