JUST IN: U.S. economic growth slowed significantly at the start of 2023, with GDP growing by a 1.1% annualized rate over the first quarter.
Over the last year, the Fed has imposed rateThe policy aims to slash inflation, but risks slowing the economy and bringing about a recession.Consumer prices5% last month compared to a year ago, extending a monthslong slowdown of price increases, but leaving inflation more than double the target rate of 2%.
Federal Reserve Board Chairman Jerome Powell listens during an open session of a Financial Stability Oversight Council meeting at the Department of the Treasury on April 21, 2023 in Washington, DC.Meanwhile, a variety of measures suggest that economic performance remains robust, but has slowed in recent months.
The U.S. added 236,000 jobs in March, which marks strong job growth, but a reduction from an average of 334,000 jobs added each month over the previous six months, according to government data released last week. Meanwhile, U.S. retail sales fell moderately in February but remained solid, suggesting that households still retain some pandemic-era savings.in March that they anticipate a "mild" recession later this year, escalating a previous forecast, central bank meeting minutes showed.
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