Fed's Beige Book points to continued slow economic growth

The Federal Reserve’s business contacts across the U.S. reported that economic activity increased only slightly in late May and June and the slow growth was expected to continue, according to the central bank’s latest Beige Book survey released Wednesday.

The report, basically a collection of anecdotes from business contacts, is prepared for policymakers ahead of the central bank’s upcoming meeting in two weeks to consider interest-rate policy. Many experts say that the labor market has to cool to get inflation on a path towards the Fed’s 2% target.Contacts reported some slowing in the pace of increase in prices in June.

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