U.S. economic activity was little changed in recent weeks as employment growth moderated somewhat and price increases appeared to slow, according to a Federal Reserve report published on Wednesday.
"Expectations for future growth were mostly unchanged as well; however, two districts saw outlooks deteriorate," the U.S. central bank said in its latest "Beige Book" compendium of surveys and interviews conducted across its 12 districts through April 10. "Contacts expected further relief from input cost pressures but anticipated changing their prices more frequently compared to previous years.
They also signaled they are nearing the end of what has been the most aggressive spate of policy tightening in 40 years, with most policymakers penciling one last quarter-percentage-point hike before what's expected to be a prolonged holding period. Businesses in the region "had a weaker overall economic outlook," and credit constraints along with reduced philanthropy made it more difficult for communities to provide food, shelter and services, the San Francisco Fed said."Banking contacts reported some movement in deposits but little change in credit availability following the collapse of Silicon Valley Bank," the Chicago Fed said.
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