Inflation in key parts of the U.S. service industry “remains elevated and has not shown signs of easing,” the U.S. Federal Reserve said in its latest monetary policy report to Congress, an overview of where the economy stands issued ahead of Capitol Hill testimony next week by Fed chair Jerome Powell.
Hopes for the Fed to slow inflation, the report said, “may depend in part on a further easing of tight labor market conditions,” meaning a likely rise in U.S. joblessness.
Read More : Fed Indicates Concerns Over High Services Inflation and Lack of Easing Trends