Article Author:
Associated Press
Paul Wiseman
WASHINGTON (AP) — Fed. The Fed said it saw signs of a weakening US economy at its last meeting, but that inflation was still "unacceptably high" before raising the benchmark interest rate by a significant three-quarters. Drive points to slow down price spikes.
In the minutes of his July 26-27 meeting released Wednesday, the policymaker said he expects the US economy to expand in the second half of 2022. said that As higher rates take hold. Officials said the housing market, consumer spending, business investment and factory production have slowed after a strong expansion in 2021.
The slowdown in growth has left inflation "well above" the central bank's annual target of 2%, although it has fallen gradually.
In both June and July, the Fed tried to keep high inflation in check by raising the key rate twice by an unusually large three-quarters of his rate. At a meeting last month, policymakers said "at some point it may be appropriate to slow down the pace of policy rate increases."
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