The Federal Reserve Board, the central bank of the United States, has released its latest economic report, pointing out that demand is expected to slow down further and that future economic growth prospects remain weak.
On the 7th, the Fed released the latest economic report called "Beige Book" compiled by 12 regional Fed banks across the United States.
As for the current state of the economy, since the beginning of July in the previous survey, there are five districts where economic activity has strengthened and five districts where it has weakened.
Also, regarding record inflation, food prices and rents have risen significantly in all districts, but nine districts reported that price increases have moderated to some extent.
Meanwhile, all districts reported lower home sales as mortgages rose due to the unusually high interest rates.
He added that the outlook for future economic growth "remains weak" as demand is expected to slow further over the next six to one years.
Fed Chairman Jerome Powell has made it clear that he will continue to raise interest rates to keep record inflation in check, even if it hurts households and businesses.
Whether the Fed can prevent a full-fledged recession while keeping inflation under control through an extraordinary interest rate hike will continue to be difficult for the Fed.