Fed’s Beige Book Says US Price Growth Seen Moderating in 2023
Steve Matthews, Bloomberg
Growth in US prices is expected to ease in the year ahead, contacts surveyed in the Federal Reserve’s latest Beige Book said.
“Selling prices increased at a modest or moderate pace in most districts, though many said that the pace of increases had slowed from that of recent reporting periods,” the Fed said Wednesday in the report, published two weeks before each meeting of the policy-setting Federal Open Market Committee. “On balance, contacts across districts said they expected future price growth to moderate further in the year ahead.”
Fed officials are mulling a further moderation in the pace of rate hikes following a slowing in US inflation. The central bank has been raising interest rates aggressively to try to cool demand and bring down an inflation rate that has remained near a 40-year high.