There were some encouraging signs U.S. inflation pressures and labor shortages were easing, a Federal Reserve report showed on Wednesday, but economic activity was tepid as the central bank’s actions weigh on growth.
But that is twinned with the cost of such action as the Fed tries to dampen demand across the economy. The Fed has raised interest rates over the past year at the fastest pace in 40 years in order to tamp down persistently high inflation but with progress finally being made, policymakers are growing increasingly confident they will reach a stopping point this spring with the policy rate around 5%.
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