Economics
US Economy Shows Signs of Downshifting as Rates, Inflation Bite
- Four districts noted that the pace of growth had slowed
- Three districts said price increases had ‘moderated somewhat’
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US economic growth looks to have downshifted in recent weeks in the face of headwinds that include rising interest rates and inflation, the Federal Reserve said.
Expansion and price gains may be moderating in parts of the country as households and businesses navigate higher rates, the Russian invasion of Ukraine and ongoing disruptions from Covid-19 infections, the central bank said in its Beige Book report Wednesday.