Economics
Fed Report Says Inflation ‘Substantial’ But Signs of Moderating
- Beige Book shows growing signs of slowdown, recession worries
- Most areas see some improvement in availability of labor
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The Federal Reserve said price increases remained “substantial” across the US in recent weeks though some areas saw signs that inflation is cooling, amid indications of a slowdown in demand and rising worries of a recession.
While economic activity “expanded at a modest pace, on balance, since mid-May,” several Fed regions “reported growing signs of a slowdown in demand,” and some contacts noted “concerns over an increased risk of a recession,” the Fed said Wednesday in its Beige Book report, typically published two weeks before each meeting of the policy-setting Federal Open Market Committee.