Economists see the Federal Reserve taking a more measured approach to interest-rate cuts next year amid stubborn inflation and limited prospects that price pressures can cool much under President-elect Donald Trump.

The Fed's preferred inflation gauges will run a touch faster in the coming year than expected last month, according to the latest Bloomberg monthly survey of economists. They project the so-called core personal consumption expenditures price index -- which excludes the volatile food and energy categories -- to advance 2.3% on average next year. That's up from the 2.2% projection in last month's survey.