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Inflation Cooled in November to 2.7 Percent; Trump Declares Triumph on the Economy Despite Affordability Concerns; New Season of Emily in Paris Out Now. Aired 9:30-10:00a ET
Aired December 18, 2025 - 09:30 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[09:30:00]
KATE BOLDUAN, CNN ANCHOR: A new read on the U.S. economy out just this morning. The new inflation data released last hour shows inflation slowed in November. That is good news and also not what economists were expecting per se.
A welcome change for people across the country who continue to struggle against high prices in almost every aspect of life. The Consumer Price Index came in at 2.7 percent compared to a year earlier. This is down from the 3 percent that we saw in September.
The report today is the lowest inflation rate since July. Joining me right now is CNN Global Economic Analyst Rana Foroohar. Good to see you, Rana.
What is the story that this new read on inflation is telling you?
RANA FOROOHAR, CNN GLOBAL ECONOMIC ANALYST: Well, it's saying that things are slightly better. You know, inflation is something that people feel. It's not just about the statistics.
You and I have talked about that before. So even though these statistics show that things are going marginally in the right direction, there's still a lot of pain out there. There's still a sense that wages are not keeping up with the cost of living.
You know, we hear about grocery store. We hear about energy. But there are these bigger issues of housing, education, health care, which is going to be going up in the coming years.
So I'm happy that we have a small downtick in inflation in the top numbers, but I don't think that this issue of affordability is going away.
BOLDUAN: Yes, and we have the president's speech last night talking about what he says are the successes of the 11 months -- first 11 months of Trump 2.0 and saying a lot that needed fact checking with regard to successes on economic policy. But if this is -- and I watch you last night talking about it -- if this is how we end the year, what is what is the trend?
What is the thing that you're then watching most closely heading into the new year? FOROOHAR: Yes, it's a great question. I'm actually going to be watching the shopping season very closely. And I'll tell you why.
I think that's going to be a tell about whether we are in a kind of a two Americas world where. All right, you see the top line inflation numbers down a bit.
You see mixed numbers about the job market. Things haven't, you know, fallen off a cliff. They're not great, though.
There's some softening. But is it mainly at the bottom 25 percent, 50 percent of the socioeconomic spectrum? Are people at the top doing fine?
Are they spending? Where are people spending? How are they spending?
I think that that's going to be really, really interesting to see, because it will tell you something about who's feeling secure and who's not feeling secure right now.
BOLDUAN: And one thing that every American and every American business is also dealing with is the trade war that continues on.
FOROOHAR: Yes.
BOLDUAN: And looking into this going into the new year in leaning on the fact that you have spent so much time on China come 2026, Trump and the Chinese leader, Xi Jinping, are set to hold a series of meetings together. What is going to happen there?
What do you think needs to happen?
FOROOHAR: Great question. What is going to happen? I think that you're going to see a number of announcements around small wins that both sides can take back to their domestic audiences, you know, the public at home and say, look, we're winning the trade war. We are we are bringing China or America, as the case may be, to heal.
What really needs to happen -- and I frankly don't think it's going to happen -- is a fundamental shift in the economic relationship between the U.S. and China. This is something that not only the Trump administration and Trump, the first administration, but the Biden administration, too, was pushing.
The U.S. doesn't have the power to be the consumer of last resort, you know, just buy and shop and not make anything anymore. Conversely, China needs to stop becoming just the factor of the world and pushing cheap stuff onto everybody else, because that's causing a lot of political problems. They need to bolster their own consumption.
That's very tricky for them. You know, it's something that hasn't been done in an economy of that size in that way.
[09:35:00]
So I don't think that you're going to see those fundamental shifts in the new year, but I'm sure you're going to see a lot of bluster and you're going to see both sides making some small announcements about concessions and things that are going right.
BOLDUAN: Yes. Is it a two track choice when it comes to the approach that the U.S. has towards China, do you think, or something in between? Which is, as Kevin O'Leary said to me the other day, the U.S. just needs to put the squeeze on China and basically bring them to heel or fundamentally shift and start working with China in a way that we haven't seen for administrations. Is there something in between?
FOROOHAR: No, you know, it's a fair point. I think there is something in between, but I think in order for that to be real, in order for some of the announcements that President Trump has been making about we have a great relationship, things are on the right track, those need to be backed up by some of those foreign investment announcements that we heard him brag about in the speech last night. Those need to really come to fruition.
We need to see factories starting. We need to see real jobs coming up. You know, manufacturing jobs really are not increasing or improving. In fact, in some areas they're down.
So you need to have that resiliency built up at home so that if there is a problem in the future, if there is another blip in the trade war, if there's, God forbid, a hot war, that, you know, you have what you need at home. You have that resiliency and redundancy and you're not just business as usual, you know, pretending it's 1995 again.
BOLDUAN: What a great year it was. It's good to see you, Rana. Thank you so much.
FOROOHAR: Thanks, Kate.
BOLDUAN: Coming up for us, Love, Fashion, Food and Emily, the Netflix hit show Emily in Paris has a new season out today. The show's creator, one of the show's stars, joins our show with a preview.
And a quick check on Wall Street for you after opening bell. Things are in the green right now. All three major indices closed down yesterday amid pressure on tech stocks, mainly due to concerns over AI, but reacting quite differently at the moment. Tesla shares were down slightly after California threatened a 30-day ban on Tesla sales in the state due to what they accused them of false advertising.
Regulators in the state say Tesla do not -- Teslas do not live up to the term autopilot because they are not capable of operating as true autonomous vehicles. Now Tesla would need to -- need a court to step in if it wants to avoid California's halt on sales. Tesla criticized the state's actions, saying no single customer came forward to even say there's a problem.
[09:40:00]
(COMMERCIAL BREAK)
JOHN BERMAN, CNN ANCHOR: All right, don't look at the calendar. If you do, you're going to find out Christmas is like just a few days away. So if you haven't done your shopping yet, get to it.
With me now, CNN chief data analyst, Harry Enten. The reason we have you here --
HARRY ENTEN, CNN CHIEF DATA ANALYST: Yes.
BERMAN: -- it's to be good looking because you're you're so handsome.
ENTEN: Thank you.
BERMAN: But number two is, you know, prediction markets to talk about what we can expect to happen. And when it comes to Christmas, one of the big guessing games is will it be a white Christmas?
ENTEN: Will it actually snow on Christmas? And I got bad news for you. Look, chance snow accumulates on Christmas.
These are the prediction market odds. They're all south of a third, right? New York City, 27 percent, Chicago, 11 percent, Boston, Massachusetts -- I think you know something about Boston, Massachusetts -- 23 percent. These are, of course, the northern cities. So the chance it snows on Christmas, at least to those who are putting their money where their mouth is, is not too hot to trot at this particular point.
You might say it's bordering on ice cold.
BERMAN: If only there were things you could look at, like forecasts to determine, you know, what the likelihood is of snow on Christmas.
ENTEN: Yes, if you think that these numbers are low, I dare say they may be too high in the case of New York City and Boston. I was looking at those eight day forecasts.
They can be, you know, a little shady, right? We can tell the future with weather much more so than we did in the past. But the idea of an eight day forecast is a little tough.
But, or a seven day forecast, I should say. But look at this. Snow accumulated on Christmas.
This is in the last 50 years. So I decided to do a little climatology. Just six percent of the time there has actually been snow that accumulates on Christmas Day.
The last time in New York City was back in 2002. I remember because I was on my beanbag chair up in the Bronx measuring it. Chicago, if anything, the prediction markets, though, may be a little too pessimistic, 24 percent.
But the forecasts at this point don't look too hot to trot. And in Boston, again, just a 14 percent chance based upon history. Betting markets are actually a little high in both Boston, New York, and my mind.
I say looking at history, the chance of it snowing on Christmas in New York and Boston, looking at the forecast, as I said, ain't too hot to trot.
BERMAN: How much do people actually want snow? What's a way to tell how much people want snow on Christmas?
ENTEN: So I decided to look into my polling archives, right, one of the roper polling archives. And I was interested, was there really a question on folks, their opinions of snow on Christmas? I couldn't actually find one that was recent.
So I decided to go to Google instead. Because take a look here. Google searches for fake snow.
[09:45:00]
They're highest in December. They are up 255 percent from the average month. And so this, to me, really does indicate it's for fake snow.
They're highest in December. They are up 255 percent from the average month. And so this, to me, really does indicate that people are interested in snow, because if it can't fall, hey, you might as well have some fake snow.
BERMAN: Harry Enten, an early Merry Christmas to you.
ENTEN: A Merry Christmas to you and a Happy Hanukkah. We wrote the songs, baby.
BERMAN: A lot of news this morning -- happens to be true. We'll be right back.
(COMMERCIAL BREAK)
[09:50:00]
BERMAN: All right, any moment now Brian Walshe is expected to be sentenced to life in prison without parole for the murder of his wife, Ana. This is a mandatory sentence for the most serious homicide conviction available in Massachusetts. Walshe was convicted this week of first degree murder. Prosecutors say he planned to kill his wife just hours after bringing in the new year in 2023.
Protesters threw smoke bombs and potatoes as they clashed with police in Brussels. Hundreds of farmers drove tractors into the city as EU leaders met to discuss trade and agriculture policy.
Police responded with powerful water hoses. Demonstrators hoped to pressure EU leaders to provide support for their farms.
A car drove directly into a hardware store near San Francisco. You can see it right there. There were shoppers inside. And the crash, actually, when it got into the store, was right near where the butane gas tanks are kept there.
So it started a fire. Luckily, no one was injured as a result of the accident. And this might be one of the most stunning developments of the day,
and it has to do with what has long been considered the world's most popular Christmas song. That, of course, is Mariah Carey's 1994 holiday hit, All I Want for Christmas Is You. It would have been number one on Billboard's global 200 since 2020, but it's not anymore because of this. That is Last Christmas, the 1984 classic by Wham!, the new global number one.
The estate of late Wham! member George Michael said in a statement, it's a testament to a brilliant song and timeless record that embodies the very sound of Christmas.
Now, rest assured, Americans, All I Want for Christmas Is You is still top of the U.S. charts.
(BEGIN VIDEOTAPE)
SARA SIDNER, CNN ANCHOR: Grab your passport. Season five of Emily in Paris drops today on Netflix, and this season is a tale of two cities, Paris and Rome, as Emily takes her love life to the next level. All the fans' favorites are back, including Sylvie, Gabrielle, Julianne, and Luke, with a few new faces shaking things up.
Here's a look.
PHILIPPINE LEROY-BEAULIEU, ACTRESS, AS SYLVIE GRATEAU: If we all focus, in a few weeks' time, we can build a real base here. Starting with Bavazza. Luc?
BRUNO GOUERY, ACTOR, AS LUC: Hmm?
LEROY-BEAULIEU: How are things going with Bianca?
GOUERY: Honestly, she's not the easiest woman. She has a very tempestuous nature.
LEROY-BEAULIEU: I'm referring to the business.
GOUERY: Oh, yes, she certainly gives me the business. That's for sure.
LEROY-BEAULIEU: Paris and Rome, make it happen.
GOUERY: I will.
LEROY-BEAULIEU: Julianne, you must still have some contacts from your time in Rome.
SAMUEL ARNOLD, ACTOR, AS JULIEN: Yes. Actually, I have been cultivating a relationship with Dolce and Gabbana.
LEROY-BEAULIEU: Bravo. I love Dolce. And Emily, how are things with Muratori?
LILY COLLINS, ACTOR, AS EMILY COOPER: I have a meeting with Antonia today.
LEROY-BEAULIEU: Great.
COLLINS: Can we just have a word after this?
LEROY-BEAULIEU: Yes, a quick one. We don't have much time for idle chit-chat. We have an opportunity here.
Muratori's respected. It can open doors to more business and prove a French firm can beat the Italians at their own game.
GOUERY: Except in football.
SIDNER: I'm joining me now, Philippine Leroy-Beaulieu. How is that? Who plays Sylvie?
And creator and executive producer Darren Star. All right. I'm going to start with you, Darren, just because Emily is no longer in Paris.
She's now in Rome. Are you trying to start a war?
DARREN STAR, PRODUCER, DIRECTOR AND WRITER: No, no, no.
SIDNER: OK, just check. Who's the better fashion place?
STAR: Just, you know, it's a love fest between France, Italy, Rome, and Paris.
SIDNER: I love it. OK. You play Sylvie, who is this sort of iconic Parisian business owner who dresses like nobody's business.
You're from a famed PR company. What's the biggest thing that you love about playing this role?
LEROY-BEAULIEU: Oh, the irreverence. I'm allowed to say whatever I want. And that's such a relief.
It's powerful.
SIDNER: You just get to go hard on everybody on the team. They have to take it.
LEROY-BEAULIEU: They have to take it.
SIDNER: I want to ask you about something else. There's a lot of speculation online about who Emily is going to choose of the love interest that she's having.
STAR: Emily doesn't have to make a choice.
SIDNER: Oh, wow. Yes.
STAR: Does she?
SIDNER: She does not.
STAR: No, no.
SIDNER: Oh, my gosh. Do you --
STAR: The story continues.
SIDNER: You keep adding. So now you have Marcello, who is-
STAR: Fantastic.
STAR: Eugenio.
SIDNER: He's really good.
STAR: Wonderful this season. Excellent.
LEROY-BEAULIEU: Yes, he's great. He's great, right?
SIDNER: But then you also have the French chef, Gabrielle.
STAR: He's fantastic, too.
LEROY-BEAULIEU: He's great, too. I mean, we love them both.
SIDNER: It's a hard choice if you had to make one.
STAR: And maybe she doesn't have to make one.
SIDNER: Just keep both around.
STAR: You know, it's France and Italy.
LEROY-BEAULIEU: Listen to him. He's living such a chaotic life. It's crazy.
STAR: She can have two lives. Two lives.
SIDNER: She can juggle.
STAR: She can juggle, yes.
[09:55:00]
SIDNER: A life in Rome and a life in Paris. Thank you both for being here. It is such an exquisitely fun show to watch.
Not just because of the wonderful acting, but also because of the clothing and just everything about it. The scenes, the sets.
LEROY-BEAULIEU: And the sets.
SIDNER: The sets are just --
LEROY-BEAULIEU: I mean, the sets.
SIDNER: We don't talk enough about the sets.
STAR: Our production designer. The sets that our production designer's -- SIDNER: Are there sets, or are you really in --
STAR: The Rome office.
STAR: Is there a combination?
LEROY-BEAULIEU: There's a combination.
STAR: I don't even want to let you know what's real and what's not real.
LEROY-BEAULIEU: It's crazy. And Sylvie, the work she does.
SIDNER: I had no idea that this wasn't all every single minute shot in each of the cities, so --
STAR: It is. It actually-
SIDNER: It is.
STAR: The locations are the locations, but there are some beautiful sets also. Like the office.
SIDNER: The office.
STAR: The office.
LEROY-BEAULIEU: Yes, it's gorgeous.
SIDNER: Can I have a job in that office? Because I feel like it's so real.
LEROY-BEAULIEU: OK, I'm going to interview you.
STAR: Do you really want to work for her?
LEROY-BEAULIEU: Do you want to work for me?
SIDNER: Yes.
LEROY-BEAULIEU: OK.
SIDNER: I'll take the punishment.
LEROY-BEAULIEU: OK. All right.
SIDNER: Perfect.
LEROY-BEAULIEU: Come to my office and talk.
SIDNER: Oh, I'm scared. I'm sweating.
Philippine and Darren, thank you both so much for coming up -- coming in early. Hanging out with us.
Emily in Paris season five is now streaming on Netflix. (END VIDEOTAPE)
BERMAN: I mean, Sara was incredible right there. So good. She just disappeared miraculously.
BOLDUAN: And will reappear tonight.
BERMAN: At 10 o'clock.
BOLDUAN: At 10 p.m. So you can catch Sara tonight and us tomorrow.
Thank you so much for joining us. For now, we need a break. This is CNN NEWS CENTRAL. "THE SITUATION ROOM" is up next.
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