- Overall economic activity was relatively unchanged since the previous report
- Consumer spending increased slightly
- Many Districts reported that supply chain disruptions had eased
- Housing markets continued to weaken
- Selling prices increased at a modest or moderate pace in most Districts
- Many said that the pace of increases had slowed from that of recent reporting periods
- Many retailers noted increased difficulty in passing through cost increases, suggesting greater price sensitivity on the part of consumers
- On balance, contacts across Districts said they expected future inflation to moderate further in the year ahead.
- Full text
This is painting a clear picture of an economy that's demonstrably weakening. Does the Fed really need to keep hiking?