MNI: Fed's Beige Book Points To Slowing U.S. Economy
MNI (WASHINGTON) - The economy slowed in a growing number of Federal Reserve districts in recent weeks, while prices rose modestly, the Fed's latest Beige Book report said Wednesday
"Economic activity maintained a slight to modest pace of growth in a majority of Districts this reporting cycle. However, while seven Districts reported some level of increase in activity, five noted flat or declining activity—three more than in the prior reporting period," the report said. (See: MNI INTERVIEW: Fed Cuts Near, Hiring Weaker Than Appears - Wilcox)
"Expectations for the future of the economy were for slower growth over the next six months due to uncertainty around the upcoming election, domestic policy, geopolitical conflict, and inflation." The report added prices and wages rose modestly across the board. "Prices increased at a modest pace overall, with a couple Districts noting only slight increases."