Now we know why Federal Reserve officials at the March meeting yanked down their expectations for economic growth for this year and next: the economics staff of the central bank warned that a recession is on the way. | Economy
Inflation slowed to a 6% rate in the year ending in February, the Bureau of Labor Statistics reported Tuesday, a welcome sign as the Federal Reserve prepares to meet for a monetary policy meeting.
After a series of large interest-rate increases last year, Powell and his colleagues are slowing the pace, while noting that they are still pushing higher.
Federal Reserve Chairman Jerome Powell said that the persistence of price pressures has made it less likely that the central bank will be able to lower inflation without inducing a recession.