American households looked at their year-end receipts and found something less scary than they feared. The inflation reading for late 2024 shows a slowdown that's been quietly building—price increases are moderating, though still present. For those watching rate cuts and portfolio implications, this matters: gradual disinflation typically signals that monetary pressure is easing rather than intensifying. The trend suggests we're moving away from the aggressive price acceleration that characterized earlier periods, which could influence how central banks approach their next moves.