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August 18, 2022

Economy slowing, but still signs of inflation

  • Fed officials said housing, consumer spending and business investment all decelerated.
    • By PAUL WISEMAN
    AP Economics Writer

    WASHINGTON — Federal Reserve officials saw signs that the U.S. economy was weakening at their last meeting but still called inflation “unacceptably high'' before raising their benchmark interest rate by a sizable three-quarters of a point in their drive to slow spiking prices.

    In minutes from their July 26-27 meeting released Wednesday, the policymakers said they expected the U.S. economy to expand in the second half of 2022. But many of them suggested that growth would weaken as higher rates take hold. The officials noted that the housing market, consumer spending, business investment and factory production had decelerated after having expanded robustly in 2021.


     
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