The U.S. economy grew steadily through early April, a Federal Reserve survey showed, but high inflation appeared unlikely to relent much "over the...
The U.S. grew steadily through early April, a Federal Reserve survey found, but high inflation showed little sign of relenting in “the coming months” and clouded the outlook for the economy.
The regular Fed survey, known as the Beige Book, found little evidence inflation is set to turn sharply lower. Businesses have been forced to pay higher wages due to a tight labor market, supply-chain bottlenecks persist and prices continued to rise. The cost of living in the 12 months ended in February rose to a 40-year high of 8.5%, forcing the Fed to start to raise interest rates for the first time since 2018.
Inflation “Inflationary pressures remained strong since the last report, with firms continuing to pass swiftly rising input costs through to customers,” the Beige Book said.A few companies said rising prices were starting to hurt sales, but not enough to make a big difference.
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