The Washington Post
Fed sees slowing growth into 2023
The Federal Reserve said U.S. economic growth prospects were weak and set to slump further over the next year, while price growth showed signs of decelerating.
“The outlook for future economic growth remained generally weak, with contacts noting expectations for further softening of demand over the next six to twelve months,” the Fed said Wednesday in its beige book report, typically published two weeks before each meeting of the policy-setting Federal Open Market Committee.
Price levels “remained highly elevated,” but nine districts reported some degree of moderation in their rate of increase, the report showed.
The Fed has been raising interest rates aggressively to try to cool demand to bring down inflation that has remained above 8 percent for five consecutive months.