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Fed sees signs of cooling economy; signs of slower growth and rising inflation.
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| Contributor | Brandonius Maximus |
| Last Edited | Brandonius Maximus Jun 14, 2006 06:14pm |
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| Category | News |
| News Date | Thursday, June 15, 2006 12:00:00 AM UTC0:0 |
| Description | WASHINGTON (Reuters) - The U.S. economy continued to expand from mid-April to early June, but there were signs of slowing growth and inflation, the Federal Reserve said Wednesday.
"High energy costs were fueling price increases in manufacturing and, to a much lesser extent, retail," the Fed said in its "beige book" summary of economic conditions.
Reports of costs being passed forward varied, but were more prevalent than in the last report in April, the Fed said.
The report comes as financial markets expect the Federal Reserve to raise interest rates at its June 28-29 meeting, and perhaps again after that to keep inflation pressures at bay.
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