(Reuters) – U.S. economic activity was little changed over the past month and a half as tensions in financial markets continued to ease and prices rose at a modest pace, according to a report from the US Federal Reserve released Wednesday.
In its “beige book” summarizing surveys and interviews conducted in its twelve districts until October 6, the American central bank wrote that “the short-term economic outlook was described as stable or with slightly weaker growth”.
“Companies expect prices to rise in the coming quarters, but at a slower pace than previously,” the Fed writes.
This observation runs counter to data released by the government in recent weeks which shows that the US economy is gaining speed despite the Fed’s interest rate hike.
Government figures show that retail sales and manufacturing are growing faster than expected, employers are hiring more and consumer prices are up 4.1% from last year, more than twice the 2% target set by the Fed.
The publication of the document comes two weeks before the Fed’s next monetary policy meeting, during which a further increase in interest rates could be decided.
(Reporting by Ann Saphir; Zhifan Liu)
Copyright © 2023 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
