Federal Reserve leaders are unified in their resolve to quash the worst bout of inflation in four decades. They just no longer agree on how high to keep U.S. interest rates to achieve their goal.

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 Federal Reserve's policymakers announced that they will cut the benchmark federal funds rate by a quarter point in December, marking the central bank's third straight cut.