MNI BRIEF: Prices Pressures Moderating, Fed Beige Book Says

Economic activity and employment are still resilient while inflation pressures appear to be moderating, according to the Federal Reserve's latest Beige Book report released Wednesday.

"Overall economic activity increased slightly since late May. Five districts reported slight or modest growth, five noted no change, and two reported slight and modest declines," the report said. "Prices increased at a modest pace overall, and several districts noted some slowing in the pace of increase."

Employment conditions remain robust, the report said. "Employment increased modestly this period, with most Districts experiencing some job growth. Labor demand remained healthy, though some contacts reported that hiring was getting more targeted and selective." (See MNI INTERVIEW: Fed Will Likely Hike Rates Above 6%-Plosser)