Central Banks


  • Eight districts noted slight or modest growth
  • Four districts indicated moderate growth
  • Contacts in most Districts reported ongoing growth in manufacturing
  • Retail contacts noted some softening
  • Residential real estate contacts observed weakness as buyers faced high prices and rising interest rates
  • Eight Districts reported that expectations of future growth among their contacts had diminished
  • Most Districts noted that their contacts had reported strong or robust price increases
  • three Districts observed that price increases for their own goods or services had moderated somewhat
  • one District noted that its firms’ price expectations have edged down for two consecutive quarters

There is some slightly positive commentary on  inflation  but only from a small group of districts. The optimists will see that as something to build on but the report almost reads as if the Fed is grasping at straws.



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